Blueshift Asset Management LLC Takes Position in Modine Manufacturing (NYSE:MOD)

Blueshift Asset Management LLC acquired a new stake in Modine Manufacturing (NYSE:MOD) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 4,538 shares of the auto parts company’s stock, valued at approximately $526,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC boosted its stake in shares of Modine Manufacturing by 14.0% in the 3rd quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after buying an additional 543,419 shares during the period. State Street Corp raised its holdings in Modine Manufacturing by 1.5% during the third quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock worth $161,993,000 after purchasing an additional 18,108 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Modine Manufacturing by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company’s stock worth $155,522,000 after buying an additional 9,648 shares during the last quarter. Principal Financial Group Inc. lifted 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 acquiring an additional 26,527 shares during the last quarter. Finally, Wasatch Advisors LP purchased a new stake in shares of Modine Manufacturing in the 3rd quarter valued at about $91,193,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Analyst Upgrades and Downgrades

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

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $87.83 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The stock has a fifty day moving average price of $98.73 and a 200 day moving average price of $116.09. The stock has a market cap of $4.62 billion, a PE ratio of 29.47, a P/E/G ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 1 year low of $72.49 and a 1 year 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 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%. Sell-side analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its Board of Directors 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director William A. Wulfsohn purchased 2,530 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the completion of the transaction, the director now 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.

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.