Modine Manufacturing (NYSE:MOD) Stock Holdings Increased by Swiss National Bank

Swiss National Bank lifted its stake in Modine Manufacturing (NYSE:MOD) by 0.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,000 shares of the auto parts company’s stock after purchasing an additional 800 shares during the quarter. Swiss National Bank’s holdings in Modine Manufacturing were worth $11,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Nisa Investment Advisors LLC lifted 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 purchasing an additional 82 shares in the last quarter. Arizona State Retirement System lifted its position 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 purchasing an additional 118 shares in the last quarter. Truist Financial Corp lifted its position in shares of Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock worth $3,973,000 after purchasing an additional 159 shares in the last quarter. Lisanti Capital Growth LLC raised its position in Modine Manufacturing by 0.4% during the fourth quarter. Lisanti Capital Growth LLC now owns 50,825 shares of the auto parts company’s stock valued at $5,892,000 after acquiring an additional 185 shares in the last quarter. Finally, Principal Securities Inc. raised its position in Modine Manufacturing by 97.8% during the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after acquiring an additional 269 shares in the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, DA Davidson reaffirmed a “buy” rating and set a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday.

Modine Manufacturing Price Performance

Shares of MOD opened at $87.83 on Friday. The firm has a market cap of $4.62 billion, a PE ratio of 29.47, a PEG ratio of 0.71 and a beta of 2.48. The firm’s 50 day moving average price is $98.73 and its 200 day moving average price is $116.09. 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 has a twelve month low of $72.49 and a twelve month high of $146.84.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating 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%. As a group, research analysts expect that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

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

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction 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 completion of the acquisition, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

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.