Point72 Asset Management L.P. Purchases New Position in Modine Manufacturing (NYSE:MOD)

Point72 Asset Management L.P. acquired a new position in Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 260,432 shares of the auto parts company's stock, valued at approximately $30,192,000. Point72 Asset Management L.P. owned 0.50% of Modine Manufacturing as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in shares of 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 worth $157,000 after buying an additional 82 shares during the period. Arizona State Retirement System grew its stake in Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock valued at $1,675,000 after acquiring an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Modine Manufacturing by 8.2% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after acquiring an additional 136 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Modine Manufacturing by 2.8% in the 4th 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 shares of Modine Manufacturing by 6.0% in the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after purchasing an additional 157 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn acquired 2,530 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the acquisition, the director now owns 7,277 shares in the company, valued at $578,012.11. This represents a 53.30% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MOD has been the topic of several research reports. Oppenheimer upped their price objective on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research note on Thursday. DA Davidson reissued a "buy" rating and issued a $155.00 price target on shares of Modine Manufacturing in a research note on Monday, March 17th.

Modine Manufacturing Stock Performance

Shares of NYSE:MOD traded down $0.66 during trading on Thursday, reaching $92.61. The stock had a trading volume of 521,695 shares, compared to its average volume of 958,033. The stock has a fifty day simple moving average of $85.03 and a two-hundred day simple moving average of $103.89. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 31.09, a P/E/G ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The company had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same quarter last year, the company earned $0.77 EPS. The company's quarterly revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its board has authorized a stock 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 stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Modine Manufacturing Company Profile

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.