Northern Trust Corp Boosts Holdings in Modine Manufacturing (NYSE:MOD)

Northern Trust Corp increased its position in Modine Manufacturing (NYSE:MOD - Free Report) by 9.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 569,634 shares of the auto parts company's stock after acquiring an additional 50,320 shares during the period. Northern Trust Corp owned approximately 1.08% of Modine Manufacturing worth $66,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in Modine Manufacturing by 6.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after buying an additional 82 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Modine Manufacturing by 0.8% in the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after acquiring an additional 118 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock worth $208,000 after purchasing an additional 136 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in Modine Manufacturing by 2.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock valued at $613,000 after purchasing an additional 146 shares during the period. Finally, Signaturefd LLC lifted its position in Modine Manufacturing by 6.0% during the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock valued at $323,000 after purchasing an additional 157 shares during the period. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Activity

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares of the company's stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.40% of the company's stock.

Wall Street Analyst Weigh In

Separately, DA Davidson reissued a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th.

Modine Manufacturing Stock Performance

MOD stock traded up $1.65 during midday trading on Friday, hitting $94.84. 777,588 shares of the stock traded hands, compared to its average volume of 950,004. Modine Manufacturing has a 1-year low of $64.79 and a 1-year high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The stock's fifty day simple moving average is $81.54 and its 200-day simple moving average is $105.08. The firm has a market cap of $4.99 billion, a P/E ratio of 31.83, a PEG ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. On average, analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its Board of Directors has approved a share repurchase program on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.