Cannon Global Investment Management LLC Raises Position in Modine Manufacturing (NYSE:MOD)

Cannon Global Investment Management LLC boosted its stake in Modine Manufacturing (NYSE:MOD) by 37.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,800 shares of the auto parts company’s stock after buying an additional 1,300 shares during the period. Modine Manufacturing accounts for approximately 1.2% of Cannon Global Investment Management LLC’s portfolio, making the stock its 28th largest position. Cannon Global Investment Management LLC’s holdings in Modine Manufacturing were worth $556,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MOD. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Modine Manufacturing by 567.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock valued at $27,000 after purchasing an additional 193 shares during the period. Principal Securities Inc. lifted its holdings in shares of Modine Manufacturing by 97.8% during the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after purchasing an additional 269 shares during the last quarter. Private Trust Co. NA raised its stake in Modine Manufacturing by 650.5% during the third quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock valued at $103,000 after buying an additional 670 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock valued at $157,000 after buying an additional 82 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in Modine Manufacturing during the third quarter valued at $196,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Trading Up 1.0 %

Shares of NYSE:MOD opened at $88.68 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 company has a market cap of $4.66 billion, a P/E ratio of 29.76, a PEG ratio of 0.71 and a beta of 2.48. The stock’s fifty day moving average price is $98.13 and its 200-day moving average price is $115.98.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results 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%. Sell-side analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its Board of Directors has initiated a stock repurchase plan on Friday, March 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director William A. Wulfsohn purchased 2,530 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now directly owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.40% of the stock is currently owned by insiders.

Modine Manufacturing 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.