Summit Investment Advisors Inc. Raises Stock Position in Modine Manufacturing (NYSE:MOD)

Summit Investment Advisors Inc. lifted its stake in Modine Manufacturing (NYSE:MOD) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,284 shares of the auto parts company’s stock after buying an additional 146 shares during the period. Summit Investment Advisors Inc.’s holdings in Modine Manufacturing were worth $613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its holdings in shares of Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock worth $157,000 after purchasing an additional 82 shares during the last quarter. Arizona State Retirement System grew its stake in Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock worth $1,675,000 after buying an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company’s stock worth $208,000 after buying an additional 136 shares during the period. Signaturefd LLC lifted its stake in Modine Manufacturing by 6.0% in the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company’s stock valued at $323,000 after buying an additional 157 shares during the last quarter. Finally, Truist Financial Corp boosted its holdings in shares of Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock valued at $3,973,000 after acquiring an additional 159 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

NYSE MOD opened at $75.86 on Friday. The firm has a market cap of $3.99 billion, a P/E ratio of 25.45, a P/E/G ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84. The business’s 50-day moving average price is $82.55 and its 200 day moving average price is $110.09. 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 (NYSE:MOD) last announced its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating 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%. On average, equities research analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its board has approved a stock repurchase 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 repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.40% of the company’s stock.

Analyst Ratings Changes

Separately, DA Davidson reaffirmed a “buy” rating and issued a $155.00 target price 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.