Avantax Advisory Services Inc. Reduces Stake in Modine Manufacturing (NYSE:MOD)

Avantax Advisory Services Inc. lessened its stake in shares of Modine Manufacturing (NYSE:MOD) by 21.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,677 shares of the auto parts company’s stock after selling 1,019 shares during the period. Avantax Advisory Services Inc.’s holdings in Modine Manufacturing were worth $426,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in 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 during the period. Arizona State Retirement System increased its holdings in shares of Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock worth $1,675,000 after buying an additional 118 shares during the last quarter. Truist Financial Corp raised its position in shares of Modine Manufacturing by 0.5% during the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock valued at $3,973,000 after buying an additional 159 shares during the period. Lisanti Capital Growth LLC lifted its holdings in Modine Manufacturing by 0.4% in the fourth quarter. Lisanti Capital Growth LLC now owns 50,825 shares of the auto parts company’s stock valued at $5,892,000 after acquiring an additional 185 shares during the last quarter. Finally, Principal Securities Inc. grew its position in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock worth $63,000 after acquiring an additional 269 shares during the period. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn acquired 2,530 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the acquisition, the director now owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Modine Manufacturing Price Performance

Shares of MOD opened at $88.68 on Monday. The firm has a 50-day simple moving average of $98.13 and a two-hundred day simple moving average of $115.98. The stock has a market cap of $4.66 billion, a PE ratio of 29.76, a P/E/G ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 1-year low of $72.49 and a 1-year high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating the consensus estimate 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 EPS for the current year.

Modine Manufacturing declared that its board has approved a stock buyback program on Friday, March 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.