Capital Fund Management S.A. Reduces Position in Modine Manufacturing Co. (MOD)
Capital Fund Management S.A. decreased its holdings in shares of Modine Manufacturing Co. (NYSE:MOD) by 51.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,000 shares of the auto parts company’s stock after selling 16,100 shares during the quarter. Capital Fund Management S.A.’s holdings in Modine Manufacturing were worth $224,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Globeflex Capital L P raised its stake in Modine Manufacturing by 13.4% during the second quarter. Globeflex Capital L P now owns 26,986 shares of the auto parts company’s stock worth $492,000 after acquiring an additional 3,191 shares during the period. Monarch Partners Asset Management LLC increased its stake in shares of Modine Manufacturing by 21.2% in the second quarter. Monarch Partners Asset Management LLC now owns 30,580 shares of the auto parts company’s stock valued at $558,000 after purchasing an additional 5,340 shares during the period. Alps Advisors Inc. increased its stake in shares of Modine Manufacturing by 10.6% in the second quarter. Alps Advisors Inc. now owns 67,778 shares of the auto parts company’s stock valued at $1,237,000 after purchasing an additional 6,470 shares during the period. Oarsman Capital Inc. increased its stake in shares of Modine Manufacturing by 3.7% in the second quarter. Oarsman Capital Inc. now owns 221,112 shares of the auto parts company’s stock valued at $4,035,000 after purchasing an additional 7,795 shares during the period. Finally, Strs Ohio increased its stake in shares of Modine Manufacturing by 21.2% in the second quarter. Strs Ohio now owns 49,200 shares of the auto parts company’s stock valued at $897,000 after purchasing an additional 8,600 shares during the period. Hedge funds and other institutional investors own 87.11% of the company’s stock.
Several equities research analysts have commented on MOD shares. ValuEngine lowered shares of Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 12th. Zacks Investment Research upgraded shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th.
Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. Modine Manufacturing had a net margin of 2.27% and a return on equity of 16.57%. The company had revenue of $548.90 million for the quarter, compared to analyst estimates of $516.95 million. During the same quarter last year, the business earned $0.36 earnings per share. Modine Manufacturing’s revenue was up 8.0% compared to the same quarter last year. Sell-side analysts predict that Modine Manufacturing Co. will post 1.56 EPS for the current year.
Modine Manufacturing announced that its Board of Directors has approved a stock repurchase plan on Tuesday, October 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the auto parts company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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Modine Manufacturing 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.
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