Modine Manufacturing’s (MOD) “Buy” Rating Reiterated at DA Davidson

DA Davidson restated their buy rating on shares of Modine Manufacturing (NYSE:MOD) in a research report report published on Monday morning,Benzinga reports. They currently have a $155.00 price objective on the auto parts company’s stock.

Modine Manufacturing Price Performance

MOD opened at $87.79 on Monday. The firm has a market cap of $4.62 billion, a PE ratio of 29.46, a P/E/G ratio of 0.71 and a beta of 2.48. The stock has a 50-day moving average price of $99.40 and a 200-day moving average price of $116.28. Modine Manufacturing has a 1 year low of $72.49 and a 1 year high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18.

Modine Manufacturing (NYSE:MOD) last announced its quarterly 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 net margin of 6.31% and a return on equity of 24.25%. Sell-side analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Modine Manufacturing

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $79.43 per share, with a total value of $200,957.90. Following the acquisition, the director now directly owns 7,277 shares of the company’s stock, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The acquisition 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.

Institutional Trading of Modine Manufacturing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP increased its stake in shares of Modine Manufacturing by 108.0% in the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock worth $165,596,000 after purchasing an additional 741,667 shares in the last quarter. FMR LLC raised its holdings in Modine Manufacturing by 14.0% during the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after acquiring an additional 543,419 shares during the period. J. Goldman & Co LP purchased a new position in shares of Modine Manufacturing in the fourth quarter valued at about $43,201,000. Norges Bank bought a new position in shares of Modine Manufacturing in the fourth quarter worth about $31,590,000. Finally, T. Rowe Price Investment Management Inc. grew its position in shares of Modine Manufacturing by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company’s stock worth $139,949,000 after purchasing an additional 262,936 shares in the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

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.