Mercer Global Advisors Inc. ADV Increases Stake in Modine Manufacturing (NYSE:MOD)

Mercer Global Advisors Inc. ADV lifted its stake in Modine Manufacturing (NYSE:MOD) by 13.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,739 shares of the auto parts company’s stock after purchasing an additional 315 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Modine Manufacturing were worth $318,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. William Blair Investment Management LLC raised its position in shares of Modine Manufacturing by 7.7% in the 4th quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock valued at $28,681,000 after purchasing an additional 17,599 shares during the last quarter. Entropy Technologies LP purchased a new position in Modine Manufacturing during the 4th quarter worth approximately $452,000. New York State Common Retirement Fund raised its position in Modine Manufacturing by 9.9% during 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 last quarter. Peregrine Capital Management LLC raised its position in Modine Manufacturing by 10.9% during 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 last quarter. Finally, Raymond James Financial Inc. purchased a new position in Modine Manufacturing during the 4th quarter worth approximately $19,719,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director William A. Wulfsohn acquired 2,530 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were acquired 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 of the company’s stock, valued at $578,012.11. This trade represents a 53.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.40% of the stock is currently owned by insiders.

Modine Manufacturing Stock Performance

MOD opened at $104.91 on Thursday. Modine Manufacturing has a 12-month low of $64.79 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. The firm has a market capitalization of $5.52 billion, a PE ratio of 35.20, a P/E/G ratio of 0.71 and a beta of 2.08. The firm has a 50 day moving average of $83.04 and a two-hundred day moving average of $104.60.

Modine Manufacturing announced that its Board of Directors has approved a share repurchase program on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.