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 released on Monday morning,Benzinga reports. They currently have a $155.00 target price on the auto parts company’s stock.

Modine Manufacturing Price Performance

MOD opened at $87.79 on Monday. 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 has a 1 year low of $72.49 and a 1 year high of $146.84. The stock’s 50 day simple moving average is $99.40 and its 200 day simple moving average is $116.28. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 0.71 and a beta of 2.48.

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

Modine Manufacturing announced that its board has authorized a stock repurchase 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Modine Manufacturing

In related news, Director William A. Wulfsohn bought 2,530 shares of the company’s 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 transaction, the director now owns 7,277 shares in the company, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Modine Manufacturing

Institutional investors and hedge funds have recently bought and sold shares of the stock. Entropy Technologies LP bought a new position in shares of Modine Manufacturing in the 4th quarter worth approximately $452,000. New York State Common Retirement Fund raised its holdings in Modine Manufacturing by 9.9% in the fourth quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock worth $28,748,000 after purchasing an additional 22,259 shares in the last quarter. Legend Financial Advisors Inc. lifted its position in Modine Manufacturing by 2.9% during the fourth quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock valued at $1,151,000 after buying an additional 279 shares during the period. Peregrine Capital Management LLC boosted its holdings in shares of Modine Manufacturing by 10.9% during the 4th quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock valued at $11,703,000 after buying an additional 9,920 shares in the last quarter. Finally, Alberta Investment Management Corp grew its position in shares of Modine Manufacturing by 27.3% in the 4th quarter. Alberta Investment Management Corp now owns 58,437 shares of the auto parts company’s stock worth $6,775,000 after buying an additional 12,536 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

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.