Stock Repurchase Plan Announced by Modine Manufacturing (NYSE:MOD) Board

Modine Manufacturing (NYSE:MOD) announced that its board has approved a share repurchase program on Friday, March 7th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Modine Manufacturing Trading Up 6.6 %

Modine Manufacturing stock opened at $81.09 on Monday. 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 stock has a market cap of $4.26 billion, a PE ratio of 27.21, a P/E/G ratio of 0.71 and a beta of 2.48. The stock has a 50-day moving average price of $105.13 and a 200 day moving average price of $118.17. Modine Manufacturing has a 52 week low of $72.49 and a 52 week high of $146.84.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data 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 return on equity of 24.25% and a net margin of 6.31%. Equities research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the acquisition, the director now owns 7,277 shares of the company’s stock, valued at $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 2.40% of the stock is currently owned by corporate insiders.

About Modine Manufacturing

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.