Congress Asset Management Co. Lowers Stock Holdings in Modine Manufacturing (NYSE:MOD)

Congress Asset Management Co. cut its stake in shares of Modine Manufacturing (NYSE:MOD) by 0.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,370 shares of the auto parts company’s stock after selling 357 shares during the period. Congress Asset Management Co. owned approximately 0.10% of Modine Manufacturing worth $4,019,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its position in Modine Manufacturing by 108.0% in the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock valued at $165,596,000 after purchasing an additional 741,667 shares during the period. Reinhart Partners LLC. lifted its holdings in shares of Modine Manufacturing by 187.3% in the 1st quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company’s stock valued at $67,220,000 after buying an additional 571,026 shares during the period. J. Goldman & Co LP purchased a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $43,201,000. Norges Bank acquired a new position in Modine Manufacturing during the fourth quarter worth $31,590,000. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Modine Manufacturing by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company’s stock worth $139,949,000 after acquiring an additional 262,936 shares during the period. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Stock Up 1.4%

MOD opened at $93.55 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The company has a market cap of $4.90 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 0.71 and a beta of 2.06. Modine Manufacturing has a one year low of $64.79 and a one year high of $146.84. The business’s fifty day moving average is $86.47 and its two-hundred day moving average is $100.65.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.16. The business had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.77 EPS. Analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has authorized a share buyback program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have commented on MOD. DA Davidson restated a “buy” rating and set a $155.00 target price on shares of Modine Manufacturing in a research report on Monday, March 17th. Oppenheimer raised their price objective on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an “outperform” rating in a research note on Thursday, May 22nd. Finally, Wall Street Zen upgraded shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $138.67.

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.