First Trust Advisors LP Sells 12,091 Shares of Modine Manufacturing (NYSE:MOD)

First Trust Advisors LP lowered its position in Modine Manufacturing (NYSE:MOD) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,228 shares of the auto parts company’s stock after selling 12,091 shares during the quarter. First Trust Advisors LP owned about 0.12% of Modine Manufacturing worth $7,098,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ grew its position in Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock worth $27,000 after buying an additional 193 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Modine Manufacturing by 97.8% during the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after acquiring an additional 269 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock worth $157,000 after purchasing an additional 82 shares in the last quarter. Rothschild Investment LLC increased its position in shares of Modine Manufacturing by 34.4% in the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock worth $199,000 after purchasing an additional 440 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Modine Manufacturing by 8.2% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company’s stock worth $208,000 after purchasing an additional 136 shares during the last quarter. Institutional investors own 95.23% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock opened at $81.77 on Wednesday. The firm has a market capitalization of $4.30 billion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19. 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 $64.79 and a 12 month high of $146.84. The business’s 50-day moving average price is $80.38 and its 200-day moving average price is $107.23.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results 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%. Sell-side analysts forecast that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its board has approved a share buyback plan on Friday, March 7th that permits the company to buyback $100.00 million in 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 often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director William A. Wulfsohn purchased 2,530 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $79.43 per share, with a total value of $200,957.90. Following the purchase, the director now directly owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

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.