Raymond James Financial Inc. Purchases New Shares in Modine Manufacturing (NYSE:MOD)

Raymond James Financial Inc. purchased a new position in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 170,088 shares of the auto parts company's stock, valued at approximately $19,719,000. Raymond James Financial Inc. owned about 0.32% of Modine Manufacturing as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ raised its stake in Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after buying an additional 193 shares during the last quarter. Principal Securities Inc. grew its holdings in Modine Manufacturing by 97.8% during the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after acquiring an additional 269 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock worth $157,000 after acquiring an additional 82 shares in the last quarter. Rothschild Investment LLC lifted its stake in shares of Modine Manufacturing by 34.4% in the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock valued at $199,000 after purchasing an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of 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 purchasing an additional 136 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Wall Street Analyst Weigh In

Separately, 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.

Insiders Place Their Bets

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the acquisition, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company's stock.

Modine Manufacturing Stock Up 1.5 %

Shares of MOD stock traded up $1.21 on Friday, reaching $80.30. 267,130 shares of the company were exchanged, compared to its average volume of 940,971. 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 company has a 50-day moving average of $81.00 and a 200-day moving average of $108.48. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 27.05, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a one year low of $64.79 and a one year high of $146.84.

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

Modine Manufacturing announced that its Board of Directors has initiated a stock buyback program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is 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.