Modine Manufacturing (NYSE:MOD) Hits New 12-Month Low – What’s Next?

Shares of Modine Manufacturing (NYSE:MOD) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $72.18 and last traded at $72.69, with a volume of 1307621 shares trading hands. The stock had previously closed at $85.32.

Analyst Ratings Changes

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

Modine Manufacturing Stock Performance

The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 24.39, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. 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 stock’s fifty day simple moving average is $90.52 and its 200-day simple moving average is $114.82.

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

Modine Manufacturing declared that its Board of Directors has initiated a stock repurchase plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn acquired 2,530 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were bought at an average cost 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 approximately $578,012.11. This trade represents a 53.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Modine Manufacturing

A number of hedge funds and other institutional investors have recently bought and sold shares of MOD. Vanguard Group Inc. increased its holdings in shares of Modine Manufacturing by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company’s stock valued at $586,486,000 after acquiring an additional 70,581 shares during the last quarter. Invesco Ltd. increased its stake in Modine Manufacturing by 1.0% in the fourth quarter. Invesco Ltd. now owns 2,012,533 shares of the auto parts company’s stock valued at $233,313,000 after purchasing an additional 20,085 shares during the last quarter. Driehaus Capital Management LLC increased its stake in Modine Manufacturing by 2.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,439,980 shares of the auto parts company’s stock valued at $166,937,000 after purchasing an additional 39,193 shares during the last quarter. Wasatch Advisors LP boosted its holdings in shares of Modine Manufacturing by 108.0% in the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock valued at $165,596,000 after buying an additional 741,667 shares in the last quarter. Finally, State Street Corp grew its position in shares of Modine Manufacturing by 1.5% in the 3rd quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock valued at $161,993,000 after buying an additional 18,108 shares during the last quarter. 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.