GAMCO/Gabelli Reduces Modine Stake to 12.0%

TL;DR

**GAMCO/Gabelli cut their Modine stake to 12.0%, signaling a potential shift in their investment outlook.**

AI Summary

GAMCO Investors, Inc. and its affiliates, including Gabelli Funds, LLC, filed an amendment (SC 13D/A) on February 1, 2024, updating their beneficial ownership in Modine Manufacturing Company. As of January 30, 2024, they collectively beneficially own 6,000,000 shares of Modine's common stock, representing 12.0% of the company's outstanding shares. This is a decrease from their previously reported ownership, indicating they have sold some shares, which could signal a change in their investment strategy or outlook for Modine Manufacturing Company.

Why It Matters

This matters because a significant institutional investor like GAMCO/Gabelli reducing its stake could suggest they see less upside potential or are reallocating capital, potentially influencing other investors' perceptions of Modine Manufacturing Company.

Risk Assessment

Risk Level: medium — The reduction in a significant institutional holding could indicate a lack of confidence or a strategic shift, posing a moderate risk to the stock's future performance.

Analyst Insight

A smart investor would investigate the reasons behind GAMCO/Gabelli's reduction in their Modine stake, potentially looking for any negative news or changes in Modine's fundamentals, and consider if this signals a broader shift in institutional sentiment before making investment decisions.

Key Numbers

• 6,000,000 — Shares Beneficially Owned (Represents the total number of Modine Manufacturing Company common shares held by GAMCO Investors, Inc. and its affiliates as of January 30, 2024.)
• 12.0% — Percentage of Class (Indicates the percentage of Modine Manufacturing Company's outstanding common stock beneficially owned by GAMCO Investors, Inc. and its affiliates.)

Key Players & Entities

• GAMCO Investors, Inc. (company) — filing party and investment manager
• Modine Manufacturing Company (company) — subject company of the filing
• Gabelli Funds, LLC (company) — affiliate of GAMCO Investors, Inc. and reporting person
• David Goldman (person) — authorized to receive notices for GAMCO Investors, Inc.
• 6,000,000 (dollar_amount) — number of shares beneficially owned
• 12.0% (dollar_amount) — percentage of Modine's common stock beneficially owned
• $0.625 (dollar_amount) — par value per share of Modine's common stock
• January 30, 2024 (date) — date of event requiring the filing
• February 1, 2024 (date) — filing date

Forward-Looking Statements

• Modine Manufacturing Company's stock price may experience short-term volatility due to the reduction in a significant institutional stake. (Modine Manufacturing Company) — medium confidence, target: 3 months
• Other institutional investors might re-evaluate their positions in Modine Manufacturing Company following GAMCO/Gabelli's reduced ownership. (Modine Manufacturing Company) — medium confidence, target: 6 months

FAQ

Key Financial Figures

• $0.625 — ompany (Name of Issuer) Common Stock, $0.625 Par Value Per Share (Title of Class of

Filing Documents

• mod_06.htm (SC 13D/A) — 285KB
• 0000807249-24-000021.txt ( ) — 287KB

Security and Issuer

Item 1. Security and Issuer This Amendment No. 6 to Schedule 13D on the Common Stock of Modine Manufacturing Company (the "Issuer") is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the "Schedule 13D") which was originally filed on August 27, 2020. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"),

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer

to Schedule 13D is amended, in pertinent part, as follows

Item 5 to Schedule 13D is amended, in pertinent part, as follows: (a) The aggregate number of Securities to which this Schedule 13D relates is 2,590,288 shares, representing 4.96% of the 52,207,750 shares outstanding as reported in the Issuer's most recently filed Form 10-Q for the quarterly period ended December 31, 2023. The Reporting Persons beneficially own those Securities as follows: Name Shares of Common Stock % of Class of Common Gabelli Funds 602,700 1.15% GAMCO 1,946,928 3.73% Teton Advisors 40,000 0.08% GCIA 200 0.00% GBL 160 0.00% MJG Associates 300 0.00% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 75,250 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund's shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by othe

View Full Filing

View this SC 13D/A filing on SEC EDGAR