Modine Manufacturing (NYSE:MOD) Receives “Buy” Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of Modine Manufacturing (NYSE:MOD) in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a $155.00 price objective on the auto parts company’s stock.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $87.28 on Monday. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 29.29, 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 $100.84 and a 200-day simple moving average of $116.76. Modine Manufacturing has a 12-month low of $72.49 and a 12-month high of $146.84. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. On average, equities analysts forecast that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its Board of Directors has approved a share repurchase plan on Friday, March 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of Modine Manufacturing stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the purchase, the director now directly owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Entropy Technologies LP purchased a new position in shares of Modine Manufacturing in the 4th quarter worth $452,000. New York State Common Retirement Fund raised its position in shares of Modine Manufacturing by 9.9% in the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock worth $28,748,000 after buying an additional 22,259 shares during the period. Legend Financial Advisors Inc. raised its position in shares of Modine Manufacturing by 2.9% in the 4th quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock worth $1,151,000 after buying an additional 279 shares during the period. Peregrine Capital Management LLC raised its position in shares of Modine Manufacturing by 10.9% in the 4th quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock worth $11,703,000 after buying an additional 9,920 shares during the period. Finally, Alberta Investment Management Corp raised its position in shares of Modine Manufacturing by 27.3% in the 4th quarter. Alberta Investment Management Corp now owns 58,437 shares of the auto parts company’s stock worth $6,775,000 after buying an additional 12,536 shares during the period. Hedge funds and other institutional investors own 95.23% 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.