Artisan Partners Limited Partnership Acquires 106,033 Shares of Modine Manufacturing (NYSE:MOD)

Artisan Partners Limited Partnership lifted its holdings in shares of Modine Manufacturing (NYSE:MOD) by 22.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 575,223 shares of the auto parts company’s stock after acquiring an additional 106,033 shares during the period. Artisan Partners Limited Partnership owned approximately 1.09% of Modine Manufacturing worth $66,686,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in MOD. William Blair Investment Management LLC raised its position in Modine Manufacturing by 7.7% in the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock worth $28,681,000 after purchasing an additional 17,599 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Modine Manufacturing in the 4th quarter worth approximately $452,000. New York State Common Retirement Fund lifted its position in shares of Modine Manufacturing by 9.9% during the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock worth $28,748,000 after buying an additional 22,259 shares during the period. Legend Financial Advisors Inc. boosted its stake in Modine Manufacturing by 2.9% in the 4th 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 in the last quarter. Finally, Peregrine Capital Management LLC grew its position in Modine Manufacturing by 10.9% in the fourth quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock valued at $11,703,000 after acquiring an additional 9,920 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $80.11 on Friday. The stock has a market capitalization of $4.21 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. 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 has a 1 year low of $72.49 and a 1 year high of $146.84. The firm has a 50 day moving average of $95.07 and a 200-day moving average of $115.42.

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

Modine Manufacturing announced that its Board of Directors has authorized a share 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 buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director William A. Wulfsohn acquired 2,530 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the transaction, the director now owns 7,277 shares of the company’s stock, valued at $578,012.11. The trade was a 53.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.