Modine Manufacturing (NYSE:MOD) Stock Price Down 4.8% – Here’s What Happened

Modine Manufacturing (NYSE:MOD)’s share price traded down 4.8% during mid-day trading on Thursday . The stock traded as low as $82.93 and last traded at $82.44. 219,082 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 881,968 shares. The stock had previously closed at $86.63.

Wall Street Analysts Forecast Growth

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

Modine Manufacturing Stock Down 6.6 %

The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 27.36, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The firm has a 50-day moving average of $96.12 and a 200 day moving average of $115.67. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

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

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

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following 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 document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Modine Manufacturing

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Modine Manufacturing by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,832 shares of the auto parts company’s stock valued at $1,024,000 after purchasing an additional 231 shares during the period. Centaurus Financial Inc. bought a new position in Modine Manufacturing in the 4th quarter worth approximately $148,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Modine Manufacturing in the 4th quarter worth approximately $12,674,000. Jefferies Financial Group Inc. acquired a new stake in Modine Manufacturing in the 4th quarter valued at approximately $2,290,000. Finally, Invst LLC raised its stake in Modine Manufacturing by 4.1% during the 4th quarter. Invst LLC now owns 8,583 shares of the auto parts company’s stock valued at $995,000 after acquiring an additional 338 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Company Profile

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.