The Manufacturers Life Insurance Company Has $3.39 Million Stock Position in Modine Manufacturing (NYSE:MOD)

The Manufacturers Life Insurance Company cut its holdings in Modine Manufacturing (NYSE:MOD) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,267 shares of the auto parts company’s stock after selling 681 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Modine Manufacturing worth $3,393,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC increased its holdings in shares of Modine Manufacturing by 272.4% during the third quarter. Barclays PLC now owns 92,235 shares of the auto parts company’s stock worth $12,247,000 after buying an additional 67,465 shares in the last quarter. Franklin Resources Inc. grew its position in Modine Manufacturing by 33.2% during the 3rd quarter. Franklin Resources Inc. now owns 266,731 shares of the auto parts company’s stock worth $35,550,000 after acquiring an additional 66,484 shares during the last quarter. Principal Financial Group Inc. raised its position in Modine Manufacturing by 2.4% in the third quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock valued at $153,072,000 after purchasing an additional 26,527 shares during the last quarter. West Oak Capital LLC raised its position in Modine Manufacturing by 298.3% in the fourth quarter. West Oak Capital LLC now owns 2,390 shares of the auto parts company’s stock valued at $277,000 after purchasing an additional 1,790 shares during the last quarter. Finally, Sovereign Financial Group Inc. boosted its stake in shares of Modine Manufacturing by 18.1% during the fourth quarter. Sovereign Financial Group Inc. now owns 2,367 shares of the auto parts company’s stock valued at $274,000 after purchasing an additional 363 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Insiders Place Their Bets

In other news, Director William A. Wulfsohn bought 2,530 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Modine Manufacturing Stock Performance

NYSE MOD opened at $94.84 on Friday. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 0.71 and a beta of 2.08. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a twelve month low of $64.79 and a twelve month high of $146.84. The stock has a fifty day simple moving average of $81.54 and a 200 day simple moving average of $105.08.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. Sell-side analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has authorized 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 purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

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.