Pictet Asset Management Holding SA Trims Stock Position in Modine Manufacturing (NYSE:MOD)

Pictet Asset Management Holding SA lowered its position in Modine Manufacturing (NYSE:MOD) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 427,687 shares of the auto parts company’s stock after selling 17,813 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.81% of Modine Manufacturing worth $49,582,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Modine Manufacturing by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company’s stock worth $586,486,000 after buying an additional 70,581 shares during the period. State Street Corp lifted its stake in Modine Manufacturing by 1.5% in the third quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock worth $161,993,000 after acquiring an additional 18,108 shares during the period. Geode Capital Management LLC lifted its stake in Modine Manufacturing by 0.8% in the third quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company’s stock worth $155,522,000 after acquiring an additional 9,648 shares during the period. Principal Financial Group Inc. grew its holdings in Modine Manufacturing by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock worth $153,072,000 after acquiring an additional 26,527 shares in the last quarter. Finally, Wasatch Advisors LP purchased a new position in Modine Manufacturing during the 3rd quarter valued at about $91,193,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Shares of MOD stock opened at $79.12 on Friday. The company has a market cap of $4.16 billion, a P/E ratio of 26.55, a PEG ratio of 0.71 and a beta of 2.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The stock’s 50-day moving average is $93.98 and its 200 day moving average is $115.43. Modine Manufacturing has a 1-year low of $72.49 and a 1-year high of $146.84.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) for the quarter, topping 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%. Research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has initiated a share buyback plan on Friday, March 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to buy 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 stock is undervalued.

Insider Transactions at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were acquired 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 of the company’s stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

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

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.