Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Modine Manufacturing (NYSE:MOD)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Modine Manufacturing (NYSE:MOD) by 17.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,847 shares of the auto parts company’s stock after purchasing an additional 2,071 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Modine Manufacturing were worth $1,605,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MOD. Victory Capital Management Inc. raised its position in shares of Modine Manufacturing by 20.1% in the third quarter. Victory Capital Management Inc. now owns 157,200 shares of the auto parts company’s stock worth $20,875,000 after acquiring an additional 26,348 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Modine Manufacturing by 526.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 13,585 shares of the auto parts company’s stock worth $1,804,000 after acquiring an additional 11,416 shares during the period. KBC Group NV raised its position in shares of Modine Manufacturing by 47.8% in the third quarter. KBC Group NV now owns 1,456 shares of the auto parts company’s stock worth $193,000 after acquiring an additional 471 shares during the period. Natixis Advisors LLC acquired a new position in shares of Modine Manufacturing in the third quarter worth about $1,855,000. Finally, Prudent Man Advisors LLC acquired a new position in shares of Modine Manufacturing in the third quarter worth about $205,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insider Activity

In other news, Director William A. Wulfsohn purchased 2,530 shares of the company’s stock in a transaction dated 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 purchase, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.

Modine Manufacturing Stock Up 2.2 %

MOD stock opened at $87.28 on Tuesday. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 0.71 and a beta of 2.48. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a 12 month low of $72.49 and a 12 month high of $146.84. The firm has a 50-day moving average of $100.84 and a two-hundred day moving average of $116.76.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data 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 net margin of 6.31% and a return on equity of 24.25%. As a group, analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its board has authorized a stock repurchase plan on Friday, March 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, DA Davidson restated a “buy” rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday.

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.