Modine Manufacturing (MOD) to Repurchase $50.00 million in Outstanding Shares

Modine Manufacturing (NYSE:MOD) declared that its Board of Directors has authorized a stock repurchase plan, which permits the company to buyback $50.00 million in outstanding shares on Tuesday, October 30th. This buyback authorization permits the auto parts company to buy up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

MOD has been the topic of several recent research reports. ValuEngine cut shares of Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th. Zacks Investment Research raised shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th.

Shares of MOD stock opened at $13.98 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.85 and a current ratio of 1.23. The stock has a market cap of $594.10 million, a PE ratio of 9.08 and a beta of 1.52. Modine Manufacturing has a twelve month low of $11.55 and a twelve month high of $25.75.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $548.90 million for the quarter, compared to analysts’ expectations of $516.95 million. Modine Manufacturing had a net margin of 2.27% and a return on equity of 16.89%. The company’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, analysts forecast that Modine Manufacturing will post 1.52 earnings per share for the current year.

In other Modine Manufacturing news, Director Suresh V. Garimella sold 14,181 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $17.65, for a total value of $250,294.65. Following the transaction, the director now owns 40,135 shares of the company’s stock, valued at $708,382.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.48% of the company’s stock.

Modine Manufacturing Company 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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