Barclays PLC Raises Position in Modine Manufacturing (NYSE:MOD)

Barclays PLC grew its position in shares of Modine Manufacturing (NYSE:MOD) by 9.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 100,769 shares of the auto parts company’s stock after purchasing an additional 8,534 shares during the period. Barclays PLC’s holdings in Modine Manufacturing were worth $11,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings 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 purchasing an additional 82 shares in the last quarter. Arizona State Retirement System raised its position in Modine Manufacturing by 0.8% in the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock worth $1,675,000 after buying an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake 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. Summit Investment Advisors Inc. grew its stake in shares of Modine Manufacturing by 2.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company’s stock worth $613,000 after acquiring an additional 146 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Modine Manufacturing by 6.0% during the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company’s stock valued at $323,000 after purchasing an additional 157 shares during the last quarter. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

MOD opened at $69.49 on Tuesday. Modine Manufacturing has a 12-month low of $64.79 and a 12-month high of $146.84. The company has a market cap of $3.65 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 0.71 and a beta of 2.19. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $81.99 and its 200 day moving average is $109.33.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 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 predict that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its Board of Directors has initiated a stock repurchase plan on Friday, March 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the acquisition, the director now owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.