Handelsbanken Fonder AB Makes New Investment in Modine Manufacturing (NYSE:MOD)

Handelsbanken Fonder AB bought a new position in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,100 shares of the auto parts company's stock, valued at approximately $782,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its holdings in shares of Modine Manufacturing by 51.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,172 shares of the auto parts company's stock worth $70,000 after buying an additional 400 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Modine Manufacturing by 49.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,206 shares of the auto parts company's stock valued at $101,000 after purchasing an additional 734 shares in the last quarter. Cookson Peirce & Co. Inc. bought a new stake in shares of Modine Manufacturing during the 4th quarter valued at approximately $203,000. Welch Group LLC acquired a new position in Modine Manufacturing during the 4th quarter worth approximately $209,000. Finally, Strs Ohio increased its position in Modine Manufacturing by 28.6% during the 4th quarter. Strs Ohio now owns 3,600 shares of the auto parts company's stock worth $214,000 after purchasing an additional 800 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Brian Jon Agen sold 16,799 shares of the company's stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $95.64, for a total transaction of $1,606,656.36. Following the sale, the vice president now owns 102,409 shares in the company, valued at approximately $9,794,396.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Modine Manufacturing news, VP Brian Jon Agen sold 16,799 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $95.64, for a total value of $1,606,656.36. Following the transaction, the vice president now directly owns 102,409 shares of the company's stock, valued at $9,794,396.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christopher William Patterson sold 14,225 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $90.56, for a total value of $1,288,216.00. Following the transaction, the director now owns 97,517 shares in the company, valued at $8,831,139.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,336 shares of company stock worth $10,330,115. Company insiders own 2.86% of the company's stock.

Modine Manufacturing Trading Down 3.0 %

MOD traded down $2.90 during midday trading on Tuesday, hitting $92.64. 823,434 shares of the company were exchanged, compared to its average volume of 975,845. Modine Manufacturing has a 1-year low of $19.41 and a 1-year high of $106.01. The company has a quick ratio of 1.21, a current ratio of 1.93 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $4.84 billion, a P/E ratio of 21.85, a P/E/G ratio of 0.74 and a beta of 2.29. The firm's 50 day moving average price is $90.71 and its 200-day moving average price is $68.67.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, January 30th. The auto parts company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.17. The business had revenue of $561.40 million during the quarter, compared to the consensus estimate of $594.84 million. Modine Manufacturing had a net margin of 9.31% and a return on equity of 25.28%. Modine Manufacturing's quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, equities analysts forecast that Modine Manufacturing will post 3.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. DA Davidson reiterated a "buy" rating and issued a $90.00 price target on shares of Modine Manufacturing in a research note on Tuesday, February 27th. Oppenheimer started coverage on Modine Manufacturing in a research report on Tuesday, March 19th. They issued an "outperform" rating and a $105.00 target price for the company. StockNews.com cut Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Wednesday, January 31st. Finally, B. Riley reaffirmed a "buy" rating and issued a $98.00 price objective (up previously from $88.00) on shares of Modine Manufacturing in a research note on Tuesday, February 27th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $97.67.

About Modine Manufacturing

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.