Intrust Bank NA Raises Stake in Modine Manufacturing (NYSE:MOD)

Intrust Bank NA raised its stake in shares of Modine Manufacturing (NYSE:MOD) by 9.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,764 shares of the auto parts company’s stock after buying an additional 587 shares during the quarter. Intrust Bank NA’s holdings in Modine Manufacturing were worth $784,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Citigroup Inc. grew its stake in Modine Manufacturing by 86.6% during the third quarter. Citigroup Inc. now owns 50,229 shares of the auto parts company’s stock valued at $6,670,000 after acquiring an additional 23,314 shares in the last quarter. Private Trust Co. NA grew its position in shares of Modine Manufacturing by 650.5% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock valued at $103,000 after purchasing an additional 670 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Modine Manufacturing by 50.6% in the third quarter. BNP Paribas Financial Markets now owns 31,032 shares of the auto parts company’s stock worth $4,121,000 after purchasing an additional 10,430 shares during the period. Townsquare Capital LLC raised its position in shares of Modine Manufacturing by 31.5% in the third quarter. Townsquare Capital LLC now owns 3,161 shares of the auto parts company’s stock worth $420,000 after buying an additional 758 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Modine Manufacturing by 13.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,776 shares of the auto parts company’s stock valued at $1,564,000 after buying an additional 1,404 shares during the period. 95.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director William A. Wulfsohn bought 2,530 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares in the company, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Analyst Ratings Changes

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

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $79.12 on Friday. The company’s fifty day moving average price is $93.98 and its 200-day moving average price is $115.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a one year low of $72.49 and a one year high of $146.84.

Modine Manufacturing (NYSE:MOD) last released its 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 return on equity of 24.25% and a net margin of 6.31%. On average, equities research analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has authorized a share buyback 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 purchase 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.

About Modine Manufacturing

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.