Harvest Fund Management Co. Ltd Decreases Stake in Modine Manufacturing (NYSE:MOD)

Harvest Fund Management Co. Ltd lessened its position in shares of Modine Manufacturing (NYSE:MOD) by 12.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,290 shares of the auto parts company’s stock after selling 185 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Modine Manufacturing were worth $150,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Modine Manufacturing by 14.0% in the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after purchasing an additional 543,419 shares in the last quarter. State Street Corp grew its stake in shares of Modine Manufacturing by 1.5% in the 3rd quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock worth $161,993,000 after buying an additional 18,108 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Modine Manufacturing by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company’s stock worth $155,522,000 after buying an additional 9,648 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Modine Manufacturing by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock worth $153,072,000 after buying an additional 26,527 shares during the last quarter. Finally, Wasatch Advisors LP purchased a new stake in shares of Modine Manufacturing during the 3rd quarter valued at about $91,193,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Up 1.0 %

NYSE MOD opened at $88.68 on Friday. Modine Manufacturing has a 52 week low of $72.49 and a 52 week high of $146.84. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 29.76, a PEG ratio of 0.71 and a beta of 2.48. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The company has a fifty day moving average of $98.13 and a two-hundred day moving average of $115.91.

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

Modine Manufacturing announced that its board has initiated a stock repurchase plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Transactions at Modine Manufacturing

In related news, Director William A. Wulfsohn bought 2,530 shares of the stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now owns 7,277 shares of the company’s stock, valued at $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.40% 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.