Alps Advisors Inc. trimmed its stake in shares of Modine Manufacturing Co. (NYSE:MOD) by 23.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,205 shares of the auto parts company’s stock after selling 15,573 shares during the quarter. Alps Advisors Inc. owned approximately 0.10% of Modine Manufacturing worth $778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Northern Trust Corp grew its position in Modine Manufacturing by 2.0% during the 2nd quarter. Northern Trust Corp now owns 987,696 shares of the auto parts company’s stock worth $18,025,000 after acquiring an additional 19,714 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Modine Manufacturing by 109.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 131,988 shares of the auto parts company’s stock worth $2,409,000 after buying an additional 68,990 shares during the last quarter. Global X Management Co LLC bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth approximately $206,000. Granahan Investment Management Inc. MA grew its position in shares of Modine Manufacturing by 9.2% in the 2nd quarter. Granahan Investment Management Inc. MA now owns 336,112 shares of the auto parts company’s stock worth $6,134,000 after buying an additional 28,312 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth approximately $1,387,000. Institutional investors and hedge funds own 87.36% of the company’s stock.
Shares of MOD stock opened at $13.75 on Friday. The company has a market capitalization of $697.04 million, a PE ratio of 8.93 and a beta of 1.65. Modine Manufacturing Co. has a fifty-two week low of $11.55 and a fifty-two week high of $25.75. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.85 and a current ratio of 1.25.
Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.11. Modine Manufacturing had a return on equity of 16.57% and a net margin of 2.27%. The company had revenue of $548.90 million for the quarter, compared to analyst estimates of $516.95 million. During the same period in the previous year, the company posted $0.36 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis. Research analysts forecast that Modine Manufacturing Co. will post 1.56 earnings per share for the current year.
Modine Manufacturing announced that its board has authorized a stock buyback plan on Tuesday, October 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Suresh V. Garimella sold 14,181 shares of Modine Manufacturing stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $17.65, for a total transaction of $250,294.65. Following the sale, the director now directly owns 40,135 shares in the company, valued at $708,382.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.48% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. ValuEngine lowered Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th.
Modine Manufacturing Company Profile
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.
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