Modine Manufacturing Co. (MOD) Holdings Raised by Tygh Capital Management Inc.
Tygh Capital Management Inc. boosted its position in shares of Modine Manufacturing Co. (NYSE:MOD) by 34.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 559,279 shares of the auto parts company’s stock after acquiring an additional 141,980 shares during the period. Tygh Capital Management Inc. owned 1.10% of Modine Manufacturing worth $6,046,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MOD. Wedge Capital Management L L P NC raised its stake in Modine Manufacturing by 32.1% during the 3rd quarter. Wedge Capital Management L L P NC now owns 1,299,508 shares of the auto parts company’s stock worth $19,363,000 after acquiring an additional 315,646 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Modine Manufacturing during the third quarter valued at approximately $4,496,000. TIAA CREF Investment Management LLC raised its position in shares of Modine Manufacturing by 54.4% during the third quarter. TIAA CREF Investment Management LLC now owns 748,240 shares of the auto parts company’s stock valued at $11,149,000 after buying an additional 263,746 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Modine Manufacturing by 448.6% during the third quarter. Renaissance Technologies LLC now owns 301,780 shares of the auto parts company’s stock valued at $4,497,000 after buying an additional 246,771 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its position in shares of Modine Manufacturing by 6.0% during the third quarter. Frontier Capital Management Co. LLC now owns 4,200,197 shares of the auto parts company’s stock valued at $62,583,000 after buying an additional 237,090 shares during the last quarter. Institutional investors own 87.24% of the company’s stock.
In related news, VP Scott D. Wollenberg sold 35,334 shares of the firm’s stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $15.35, for a total value of $542,376.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.48% of the company’s stock.
Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Thursday, January 31st. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.08. The firm had revenue of $541.00 million for the quarter, compared to analysts’ expectations of $532.74 million. Modine Manufacturing had a net margin of 4.32% and a return on equity of 16.34%. As a group, equities analysts expect that Modine Manufacturing Co. will post 1.56 EPS for the current year.
Modine Manufacturing declared that its board has authorized a share repurchase plan on Tuesday, October 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the auto parts company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Several equities research analysts have recently issued reports on the stock. ValuEngine upgraded shares of Modine Manufacturing from a “strong sell” rating to a “sell” rating in a research report on Saturday, February 2nd. Zacks Investment Research cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th.
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About Modine Manufacturing
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.
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