Modine Manufacturing (NYSE:MOD) Shares Down 10.3% – Time to Sell?

Modine Manufacturing (NYSE:MOD) shares traded down 10.3% on Monday . The company traded as low as $68.04 and last traded at $68.04. 432,901 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 936,665 shares. The stock had previously closed at $75.86.

Analyst Ratings Changes

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

Modine Manufacturing Trading Down 8.4 %

The firm has a market capitalization of $3.65 billion, a PE ratio of 23.32, a P/E/G ratio of 0.71 and a beta of 2.19. The company’s fifty day simple moving average is $82.55 and its 200-day simple moving average is $109.79. 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 posted its quarterly earnings data 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%. As a group, sell-side analysts expect 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 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 buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are often an indication 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 purchased at an average price of $79.43 per share, with a total value of $200,957.90. Following the transaction, the director now owns 7,277 shares in the company, valued at $578,012.11. The trade was a 53.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Modine Manufacturing

Several institutional investors and hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC lifted its holdings in Modine Manufacturing by 7.7% in the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock valued at $28,681,000 after acquiring an additional 17,599 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Modine Manufacturing during the 4th quarter worth about $452,000. New York State Common Retirement Fund raised its holdings in Modine Manufacturing by 9.9% in the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock valued at $28,748,000 after buying an additional 22,259 shares during the period. Legend Financial Advisors Inc. boosted its stake in Modine Manufacturing by 2.9% during the fourth quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock worth $1,151,000 after buying an additional 279 shares during the period. Finally, Peregrine Capital Management LLC raised its stake in shares of Modine Manufacturing by 10.9% in the 4th quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock valued at $11,703,000 after acquiring an additional 9,920 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

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.