Raymond James Financial Inc. Invests $19.72 Million in Modine Manufacturing (NYSE:MOD)

Raymond James Financial Inc. bought a new stake in Modine Manufacturing (NYSE:MOD) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 170,088 shares of the auto parts company’s stock, valued at approximately $19,719,000. Raymond James Financial Inc. owned 0.32% of Modine Manufacturing as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MOD. Nisa Investment Advisors LLC increased its holdings in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock valued at $157,000 after acquiring an additional 82 shares during the period. Arizona State Retirement System boosted its stake in shares of Modine Manufacturing by 0.8% during the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock worth $1,675,000 after buying an additional 118 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company’s stock worth $208,000 after buying an additional 136 shares during the last quarter. Signaturefd LLC increased its position in Modine Manufacturing by 6.0% in the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company’s stock valued at $323,000 after acquiring an additional 157 shares during the period. Finally, Truist Financial Corp raised its stake in Modine Manufacturing by 0.5% during the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock valued at $3,973,000 after acquiring an additional 159 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 0.6 %

NYSE MOD opened at $75.86 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $3.99 billion, a P/E ratio of 25.45, a P/E/G ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84. The firm has a 50-day moving average price of $82.55 and a 200 day moving average price of $109.93.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) 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%. Equities research analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its board has authorized a stock buyback 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 repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

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

Insider Buying and Selling at Modine Manufacturing

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

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.