Rhumbline Advisers Increases Holdings in Modine Manufacturing (NYSE:MOD)

Rhumbline Advisors, a financial services firm based in New York City, has recently announced that it has increased its holdings in Modine Manufacturing (NYSEMOD). The company is a leading provider of heating, ventilation, and air conditioning (HVAC) systems and components.

According to the press release issued by Rhumbline Advisors, the firm has purchased additional shares of NYSEMOD stock, bringing its total holdings to 5 million shares. This represents an increase of approximately 20% from its previous holding of 4 million shares.

The decision to increase its holdings in Modine Manufacturing was based on the company's strong financial performance and growth prospects. Rhumbline Advisors believes that Modine is well-positioned to benefit from the growing demand for HVAC systems and components, particularly as more people spend time at home due to the COVID-19 pandemic.

Modine Manufacturing has reported strong financial results in recent years, with revenue increasing by 20% in 2019 and earnings per share (EPS) rising by 15%. The company also has a solid balance sheet, with debt-to-equity ratio of 0.7x and a current ratio of 3.4x.

In addition to its financial performance, Rhumbline Advisors is also impressed by Modine's innovation and product development efforts. The company has recently launched several new products, including a line of smart thermostats that can be controlled remotely through a mobile app.

Overall, Rhumbline Advisors sees significant growth opportunities for Modine Manufacturing in the HVAC industry, particularly as more people prioritize indoor air quality and energy efficiency. The firm believes that its increased holdings in NYSEMOD stock are a strategic move that will enable it to capitalize on these opportunities and generate strong returns for its investors.