Modine Manufacturing (NYSE:MOD) Stock Position Reduced by Brant Point Investment Management LLC

Brant Point Investment Management LLC trimmed its position in Modine Manufacturing (NYSE:MOD) by 49.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 37,949 shares of the auto parts company’s stock after selling 36,571 shares during the period. Brant Point Investment Management LLC’s holdings in Modine Manufacturing were worth $4,399,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ boosted its holdings 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 worth $27,000 after purchasing an additional 193 shares during the period. Principal Securities Inc. lifted its holdings in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock worth $63,000 after acquiring an additional 269 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in 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 valued at $157,000 after acquiring an additional 82 shares during the period. Rothschild Investment LLC boosted its stake in Modine Manufacturing by 34.4% in the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock valued at $199,000 after acquiring an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company’s stock valued at $208,000 after purchasing an additional 136 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $75.86 on Friday. 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’s 50 day moving average is $82.98 and its two-hundred day moving average is $110.44. The firm has a market capitalization of $3.99 billion, a P/E ratio of 25.45, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84.

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%. Analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its Board of Directors has authorized a share buyback 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 repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the transaction, the director now owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by insiders.

About Modine Manufacturing

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.