Cibc World Markets Corp Makes New Investment in Modine Manufacturing (NYSE:MOD)

Cibc World Markets Corp bought a new position in Modine Manufacturing (NYSE:MOD) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,834 shares of the auto parts company’s stock, valued at approximately $560,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Entropy Technologies LP bought a new position in Modine Manufacturing in the 4th quarter worth about $452,000. New York State Common Retirement Fund grew its position 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 worth $28,748,000 after purchasing an additional 22,259 shares during the last quarter. Legend Financial Advisors Inc. grew its position in Modine Manufacturing by 2.9% in the 4th quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock worth $1,151,000 after purchasing an additional 279 shares during the last quarter. Peregrine Capital Management LLC grew its position in 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 worth $11,703,000 after purchasing an additional 9,920 shares during the last quarter. Finally, Alberta Investment Management Corp boosted its holdings in shares of Modine Manufacturing by 27.3% in the fourth quarter. Alberta Investment Management Corp now owns 58,437 shares of the auto parts company’s stock valued at $6,775,000 after acquiring an additional 12,536 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 acquired 2,530 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, with a total value of $200,957.90. Following the purchase, the director now owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Modine Manufacturing Trading Up 1.0 %

Modine Manufacturing stock opened at $88.68 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The stock has a market capitalization of $4.66 billion, a PE ratio of 29.76, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 12-month low of $72.49 and a 12-month high of $146.84. The firm has a 50 day simple moving average of $98.13 and a 200-day simple moving average of $115.91.

Modine Manufacturing (NYSE:MOD) last posted 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 net margin of 6.31% and a return on equity of 24.25%. As a group, equities research analysts expect that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

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