Wealthfront Advisers LLC Makes New $8.07 Million Investment in Modine Manufacturing (NYSE:MOD)

Wealthfront Advisers LLC purchased a new position in Modine Manufacturing (NYSE:MOD) in the 4th quarter, Holdings Channel.com reports. The fund purchased 65,804 shares of the auto parts company’s stock, valued at approximately $8,066,000.

Several other hedge funds have also added to or reduced their stakes in the business. Entropy Technologies LP bought a new position in shares of Modine Manufacturing during the fourth quarter valued at about $452,000. New York State Common Retirement Fund raised its stake in shares of Modine Manufacturing by 9.9% during the fourth quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock valued at $28,748,000 after acquiring an additional 22,259 shares during the last quarter. Legend Financial Advisors Inc. raised its stake in shares of Modine Manufacturing by 2.9% during the fourth quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock valued at $1,151,000 after acquiring an additional 279 shares during the last quarter. Peregrine Capital Management LLC raised its stake in shares of Modine Manufacturing by 10.9% during the fourth quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock valued at $11,703,000 after acquiring an additional 9,920 shares during the last quarter. Finally, Alberta Investment Management Corp raised its stake in shares of Modine Manufacturing by 27.3% during the fourth quarter. Alberta Investment Management Corp now owns 58,437 shares of the auto parts company’s stock valued at $6,775,000 after acquiring an additional 12,536 shares during the last quarter. 95.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director William A. Wulfsohn bought 2,530 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the purchase, the director now owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of NYSE:MOD opened at $84.28 on Thursday. Modine Manufacturing has a 12 month low of $72.49 and a 12 month high of $146.84. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $102.98 and a 200-day moving average price of $117.40. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) 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, equities analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has initiated a stock repurchase program on Friday, March 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits 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 board believes its stock is undervalued.

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.