Allspring Global Investments Holdings LLC Has $8.19 Million Stock Position in Modine Manufacturing Company (NYSE:MOD)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 34.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 102,043 shares of the auto parts company’s stock after selling 54,085 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Modine Manufacturing were worth $8,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ increased 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 worth $27,000 after buying an additional 193 shares during the last quarter. GAMMA Investing LLC increased its position in Modine Manufacturing by 63.1% during the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company’s stock worth $28,000 after buying an additional 142 shares during the last quarter. Versant Capital Management Inc increased its position in Modine Manufacturing by 245.9% during the first quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company’s stock worth $32,000 after buying an additional 300 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Modine Manufacturing during the first quarter worth approximately $46,000. Finally, Centaurus Financial Inc. acquired a new position in Modine Manufacturing during the fourth quarter worth approximately $148,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $104.47 on Friday. Modine Manufacturing Company has a 12 month low of $64.79 and a 12 month high of $146.84. The stock’s 50 day moving average is $95.09 and its 200-day moving average is $95.99. The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 0.68 and a beta of 2.04.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The company had revenue of $647.20 million for the quarter, compared to the consensus estimate of $633.13 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts expect that Modine Manufacturing Company 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 authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have weighed in on MOD. Oppenheimer boosted their price target on Modine Manufacturing from $121.00 to $122.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. DA Davidson reaffirmed a “buy” rating and issued a $155.00 target price on shares of Modine Manufacturing in a research report on Monday, March 17th. Finally, KeyCorp assumed coverage on Modine Manufacturing in a research report on Thursday, June 12th. They issued an “overweight” rating and a $125.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $135.50.

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.