Massachusetts Financial Services Co. MA Buys Shares of 141,762 Modine Manufacturing (NYSE:MOD)

Massachusetts Financial Services Co. MA purchased a new stake in Modine Manufacturing (NYSE:MOD) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 141,762 shares of the auto parts company’s stock, valued at approximately $16,434,000. Massachusetts Financial Services Co. MA owned 0.27% of Modine Manufacturing at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Modine Manufacturing in the 4th quarter worth approximately $31,590,000. Raymond James Financial Inc. bought a new position in shares of Modine Manufacturing in the fourth quarter worth $19,719,000. Clearbridge Investments LLC acquired a new position in shares of Modine Manufacturing during the fourth quarter valued at $18,930,000. Artisan Partners Limited Partnership raised its stake in shares of Modine Manufacturing by 22.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 575,223 shares of the auto parts company’s stock valued at $66,686,000 after purchasing an additional 106,033 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Modine Manufacturing by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company’s stock worth $586,486,000 after purchasing an additional 70,581 shares during the period. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Down 3.2 %

Shares of MOD stock opened at $70.29 on Monday. Modine Manufacturing has a 1 year low of $63.78 and a 1 year high of $146.84. 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 business’s fifty day moving average is $87.93 and its 200-day moving average is $114.20. The stock has a market cap of $3.70 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) 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%. Equities analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its board has authorized a stock repurchase program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were 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 owns 7,277 shares in the company, valued at $578,012.11. This represents a 53.30 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

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.