KLP Kapitalforvaltning AS Makes New $1.17 Million Investment in Modine Manufacturing (NYSE:MOD)

KLP Kapitalforvaltning AS purchased a new stake in Modine Manufacturing (NYSE:MOD) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 10,100 shares of the auto parts company’s stock, valued at approximately $1,171,000.

A number of other institutional investors have also modified their holdings of the business. Skandinaviska Enskilda Banken AB publ boosted its stake in Modine Manufacturing by 567.6% in 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 period. Principal Securities Inc. lifted its holdings in shares of Modine Manufacturing by 97.8% in the 4th 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. Private Trust Co. NA boosted its position in Modine Manufacturing by 650.5% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock valued at $103,000 after purchasing an additional 670 shares during the period. Nisa Investment Advisors LLC grew its stake in Modine Manufacturing by 6.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock worth $157,000 after buying an additional 82 shares during the last quarter. Finally, Atom Investors LP acquired a new stake in Modine Manufacturing in the third quarter worth $210,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $79.12 on Friday. Modine Manufacturing has a 12-month low of $72.49 and a 12-month high of $146.84. 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 firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 26.55, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The business has a 50 day simple moving average of $93.98 and a 200 day simple moving average of $115.43.

Modine Manufacturing (NYSE:MOD) last released 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%. On average, equities research analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its board has authorized a share 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 purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Modine Manufacturing 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.