Oarsman Capital Inc. Grows Position in Modine Manufacturing Co. (MOD)

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Oarsman Capital Inc. lifted its position in Modine Manufacturing Co. (NYSE:MOD) by 12.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 249,567 shares of the auto parts company’s stock after buying an additional 28,455 shares during the quarter. Modine Manufacturing makes up about 1.5% of Oarsman Capital Inc.’s holdings, making the stock its 15th largest holding. Oarsman Capital Inc.’s holdings in Modine Manufacturing were worth $3,719,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in Modine Manufacturing by 48.4% during the first quarter. Russell Investments Group Ltd. now owns 32,292 shares of the auto parts company’s stock valued at $683,000 after purchasing an additional 10,531 shares during the period. Principal Financial Group Inc. purchased a new stake in Modine Manufacturing during the first quarter valued at approximately $7,434,000. Xact Kapitalforvaltning AB purchased a new stake in Modine Manufacturing during the second quarter valued at approximately $215,000. James Investment Research Inc. purchased a new stake in Modine Manufacturing during the second quarter valued at approximately $707,000. Finally, Penn Capital Management Co. Inc. raised its position in Modine Manufacturing by 56.8% during the second quarter. Penn Capital Management Co. Inc. now owns 939,827 shares of the auto parts company’s stock valued at $17,168,000 after purchasing an additional 340,302 shares during the period. 89.21% of the stock is currently owned by institutional investors and hedge funds.

Shares of MOD stock opened at $13.79 on Wednesday. Modine Manufacturing Co. has a 1 year low of $11.55 and a 1 year high of $25.75. The company has a current ratio of 1.25, a quick ratio of 0.85 and a debt-to-equity ratio of 0.70. The company has a market cap of $683.35 million, a price-to-earnings ratio of 8.95 and a beta of 1.65.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share for the quarter, topping the 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 firm had revenue of $548.90 million for the quarter, compared to the consensus estimate of $516.95 million. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities research analysts anticipate that Modine Manufacturing Co. will post 1.56 earnings per share for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the auto parts company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, Director Suresh V. Garimella sold 14,181 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 40,135 shares in the company, valued at $708,382.75. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 4.48% of the company’s stock.

A number of equities research analysts have issued reports on the company. Zacks Investment Research downgraded Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. ValuEngine downgraded Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th.

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

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