Thoroughbred Financial Services LLC Cuts Position in Modine Manufacturing (NYSE:MOD)

Thoroughbred Financial Services LLC reduced its position in Modine Manufacturing (NYSE:MOD) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,707 shares of the auto parts company’s stock after selling 379 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Modine Manufacturing were worth $5,762,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MOD. Skandinaviska Enskilda Banken AB publ grew its position 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 valued at $27,000 after acquiring an additional 193 shares during the last quarter. Principal Securities Inc. lifted its stake in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock worth $63,000 after purchasing an additional 269 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of 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 buying an additional 82 shares during the last quarter. Rothschild Investment LLC increased its holdings in shares of Modine Manufacturing by 34.4% in the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock worth $199,000 after buying an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings 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 during the period. 95.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, DA Davidson reissued a “buy” rating and set a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th.

Modine Manufacturing Trading Down 14.8 %

NYSE MOD opened at $72.69 on Friday. 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 fifty-two week low of $70.85 and a fifty-two week high of $146.84. The stock has a market cap of $3.82 billion, a P/E ratio of 24.39, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The stock has a 50 day simple moving average of $89.18 and a two-hundred day simple moving average of $114.53.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating 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%. On average, analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current year.

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

Insider Activity

In related news, Director William A. Wulfsohn purchased 2,530 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

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.