Modine Manufacturing (NYSE:MOD) Trading Down 4.8% – Here’s What Happened

Modine Manufacturing (NYSE:MOD)’s stock price was down 4.8% during mid-day trading on Thursday . The stock traded as low as $82.93 and last traded at $82.44. Approximately 219,082 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 881,968 shares. The stock had previously closed at $86.63.

Analyst Ratings Changes

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

Modine Manufacturing Price Performance

The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $93.98 and its two-hundred day moving average price is $115.29. The stock has a market cap of $4.16 billion, a PE ratio of 26.55, a PEG ratio of 0.71 and a beta of 2.48.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. On average, equities analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has approved a share buyback program on Friday, March 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn acquired 2,530 shares of the firm’s stock in a transaction dated 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 acquisition, 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 can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC raised its position in shares of Modine Manufacturing by 7.7% in the 4th quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock valued at $28,681,000 after purchasing an additional 17,599 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Modine Manufacturing in the fourth quarter worth $452,000. New York State Common Retirement Fund lifted its stake in shares of Modine Manufacturing by 9.9% during 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 buying an additional 22,259 shares during the period. Legend Financial Advisors Inc. grew its holdings in shares of 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 last quarter. Finally, Peregrine Capital Management LLC increased its position in shares of Modine Manufacturing by 10.9% in 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 acquiring an additional 9,920 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.