Modine Manufacturing (NYSE:MOD) Shares Bought by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD boosted its position in Modine Manufacturing (NYSE:MOD - Free Report) by 433.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,230 shares of the auto parts company's stock after buying an additional 174,862 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.41% of Modine Manufacturing worth $24,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after acquiring an additional 82 shares in the last quarter. Arizona State Retirement System raised its stake in 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 valued at $1,675,000 after purchasing an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in 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 valued at $208,000 after purchasing an additional 136 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in 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 worth $613,000 after buying an additional 146 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Modine Manufacturing by 6.0% in the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after buying an additional 157 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors.

Insider Activity at Modine Manufacturing

In other news, Director William A. Wulfsohn purchased 2,530 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the purchase, the director now owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 2.40% of the stock is owned by corporate insiders.

Modine Manufacturing Stock Performance

Shares of MOD stock traded up $0.16 during trading hours on Monday, reaching $90.37. The company had a trading volume of 598,622 shares, compared to its average volume of 950,489. The firm has a market cap of $4.75 billion, a PE ratio of 30.33, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19. The business has a fifty day moving average price of $80.44 and a 200-day moving average price of $106.07. Modine Manufacturing has a one year low of $64.79 and a one year high of $146.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. Sell-side analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Separately, DA Davidson reiterated a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th.

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.