Modine Manufacturing (NYSE:MOD) to Buyback $100.00 million in Shares

Modine Manufacturing (NYSE:MOD) declared that its Board of Directors has authorized a share repurchase program on Friday, March 7th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Modine Manufacturing Trading Up 6.6 %

MOD opened at $81.09 on Friday. Modine Manufacturing has a 1-year low of $72.49 and a 1-year high of $146.84. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The company has a market cap of $4.26 billion, a P/E ratio of 27.21, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The company has a fifty day moving average price of $105.13 and a two-hundred day moving average price of $118.12.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. Analysts predict that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the acquisition, the director now directly owns 7,277 shares of the company’s stock, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.40% of the company’s stock.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.