Ritholtz Wealth Management Reduces Stake in Modine Manufacturing Company (NYSE:MOD)

Ritholtz Wealth Management decreased its stake in shares of Modine Manufacturing Company (NYSE:MOD) by 2.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 16,360 shares of the auto parts company’s stock after selling 468 shares during the period. Ritholtz Wealth Management’s holdings in Modine Manufacturing were worth $1,256,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MOD. Skandinaviska Enskilda Banken AB publ lifted its holdings in Modine Manufacturing by 567.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock worth $27,000 after purchasing an additional 193 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Modine Manufacturing by 63.1% during the 1st quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company’s stock worth $28,000 after purchasing an additional 142 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Modine Manufacturing by 245.9% during the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company’s stock worth $32,000 after purchasing an additional 300 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Modine Manufacturing during the 1st quarter worth about $46,000. Finally, Principal Securities Inc. lifted its holdings in Modine Manufacturing by 97.8% during the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock worth $63,000 after purchasing an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $94.03 on Wednesday. The business’s 50-day moving average price is $89.08 and its two-hundred day moving average price is $98.81. Modine Manufacturing Company has a twelve month low of $64.79 and a twelve month high of $146.84. The stock has a market cap of $4.93 billion, a P/E ratio of 27.49, a PEG ratio of 0.62 and a beta of 2.06. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD) last announced 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. The firm had revenue of $647.20 million for the quarter, compared to analyst estimates of $633.13 million. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.77 EPS. As a group, equities analysts predict that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has approved a stock repurchase plan on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits 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 shares are undervalued.

Analysts Set New Price Targets

MOD has been the topic of a number of recent research reports. Oppenheimer increased their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the stock an “outperform” rating in a report on Thursday, May 22nd. DA Davidson reaffirmed a “buy” rating and issued a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, June 7th. Finally, KeyCorp initiated coverage on Modine Manufacturing in a report on Thursday, June 12th. They issued an “overweight” rating and a $125.00 price target on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Modine Manufacturing presently has a consensus rating of “Buy” and a consensus price target of $135.25.

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.