Assenagon Asset Management S.A. Acquires Shares of 301,766 Modine Manufacturing Co. (MOD)

Assenagon Asset Management S.A. acquired a new stake in Modine Manufacturing Co. (NYSE:MOD) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 301,766 shares of the auto parts company’s stock, valued at approximately $4,496,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in MOD. United Services Automobile Association boosted its position in Modine Manufacturing by 2,224.3% in the 2nd quarter. United Services Automobile Association now owns 2,444,646 shares of the auto parts company’s stock valued at $135,531,000 after buying an additional 2,339,469 shares during the last quarter. Paradigm Capital Management Inc. NY bought a new position in Modine Manufacturing in the 2nd quarter valued at $9,297,000. KLCM Advisors Inc. bought a new position in Modine Manufacturing in the 2nd quarter valued at $7,034,000. Principal Financial Group Inc. bought a new position in Modine Manufacturing in the 1st quarter valued at $7,434,000. Finally, Penn Capital Management Co. Inc. boosted its position in Modine Manufacturing by 56.8% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 939,827 shares of the auto parts company’s stock valued at $17,168,000 after buying an additional 340,302 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

In other news, Director Suresh V. Garimella sold 14,181 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $17.65, for a total value of $250,294.65. Following the transaction, the director now directly owns 40,135 shares in the company, valued at approximately $708,382.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.48% of the stock is owned by company insiders.

NYSE:MOD opened at $13.75 on Friday. Modine Manufacturing Co. has a 12-month low of $11.55 and a 12-month high of $25.75. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.85 and a current ratio of 1.25. The firm has a market capitalization of $697.04 million, a PE ratio of 8.93 and a beta of 1.65.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.11. Modine Manufacturing had a return on equity of 16.57% and a net margin of 2.27%. The business had revenue of $548.90 million for the quarter, compared to analyst estimates of $516.95 million. During the same period last year, the company earned $0.36 EPS. The firm’s revenue was up 8.0% on a year-over-year basis. Analysts forecast that Modine Manufacturing Co. will post 1.56 EPS for the current fiscal year.

Modine Manufacturing declared that its board has initiated a stock buyback program on Tuesday, October 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

A number of brokerages have commented on MOD. Zacks Investment Research lowered Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. ValuEngine lowered Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.

Further Reading: Float

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Institutional Ownership by Quarter for Modine Manufacturing (NYSE:MOD)

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