Legal & General Group Plc Trims Holdings in Modine Manufacturing (NYSE:MOD)

Legal & General Group Plc lessened its holdings in Modine Manufacturing (NYSE:MOD) by 6.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,157 shares of the auto parts company’s stock after selling 3,632 shares during the quarter. Legal & General Group Plc’s holdings in Modine Manufacturing were worth $6,510,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MOD. Nisa Investment Advisors LLC increased its stake in shares of Modine Manufacturing by 6.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock worth $157,000 after acquiring an additional 82 shares during the period. Arizona State Retirement System boosted its holdings in Modine Manufacturing by 0.8% in the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock valued at $1,675,000 after purchasing an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position 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 worth $208,000 after purchasing an additional 136 shares during the period. Signaturefd LLC raised its stake in shares of Modine Manufacturing by 6.0% during the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company’s stock valued at $323,000 after buying an additional 157 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in shares of Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock worth $3,973,000 after buying an additional 159 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity at Modine Manufacturing

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

Modine Manufacturing Stock Up 0.6 %

Shares of NYSE MOD opened at $75.86 on Friday. The business has a 50-day moving average of $82.55 and a two-hundred day moving average of $109.93. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 1 year low of $64.79 and a 1 year 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.

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

Modine Manufacturing announced that its board has approved a share repurchase plan on Friday, March 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.