Independent Solutions Wealth Management LLC Grows Stake in Modine Manufacturing Company (NYSE:MOD)

Independent Solutions Wealth Management LLC increased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 2.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 15,614 shares of the auto parts company’s stock after acquiring an additional 420 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Modine Manufacturing were worth $1,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. William Blair Investment Management LLC lifted its position in shares of Modine Manufacturing by 7.7% during the 4th quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock worth $28,681,000 after buying an additional 17,599 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Modine Manufacturing in the 4th quarter valued at $19,719,000. Oppenheimer & Co. Inc. raised its stake in Modine Manufacturing by 21.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 49,892 shares of the auto parts company’s stock worth $5,784,000 after acquiring an additional 8,823 shares in the last quarter. Wells Fargo & Company MN lifted its position in Modine Manufacturing by 3.6% in the fourth quarter. Wells Fargo & Company MN now owns 322,315 shares of the auto parts company’s stock valued at $37,366,000 after acquiring an additional 11,350 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Modine Manufacturing by 22.0% in the fourth quarter. Victory Capital Management Inc. now owns 191,838 shares of the auto parts company’s stock valued at $22,240,000 after acquiring an additional 34,638 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $100.13 on Wednesday. Modine Manufacturing Company has a one year low of $64.79 and a one year high of $146.84. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 0.63 and a beta of 2.06. The company has a 50-day simple moving average of $90.95 and a 200-day simple moving average of $97.36. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.15 and a current ratio of 1.78.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The firm had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same period in the prior year, the business earned $0.77 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, analysts predict that Modine Manufacturing Company will post 3.88 EPS for the current year.

Modine Manufacturing announced that its Board of Directors has authorized a stock buyback program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. KeyCorp assumed coverage on Modine Manufacturing in a research report on Thursday, June 12th. They set an “overweight” rating and a $125.00 target price on the stock. Oppenheimer lifted their price target on Modine Manufacturing from $114.00 to $121.00 and gave the stock an “outperform” rating in a research report on Thursday, May 22nd. Wall Street Zen upgraded Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, June 7th. Finally, DA Davidson reissued a “buy” rating and issued a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Modine Manufacturing currently has a consensus rating of “Buy” and an average target price of $135.25.

Modine Manufacturing 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.