Share Repurchase Program Initiated by Modine Manufacturing (NYSE:MOD) Board

Modine Manufacturing (NYSE:MOD - Get Free Report) announced that its Board of Directors has initiated a stock repurchase program on Friday, March 7th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.Get Modine Manufacturing alerts:Modine Manufacturing Stock PerformanceForget Tesla: 3 Stocks to Ride the Elon Musk EffectShares of NYSE MOD traded up $5.03 during mid-day trading on Friday, hitting $81.09. The company had a trading volume of 1,514,917 shares, compared to its average volume of 895,965. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 12 month low of $72.49 and a 12 month high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The firm's 50 day simple moving average is $105.13 and its two-hundred day simple moving average is $118.05. Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS 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%. As a group, equities research analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current year. Insider Activity3 Stocks Under $10 That Could Turn Risk Into RewardIn other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the transaction, the director now owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by insiders. About Modine Manufacturing (Get Free Report)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.Recommended StoriesFive stocks we like better than Modine ManufacturingTrading Halts ExplainedIs Myers Industries Poised for a Breakout? Best Stocks Under $10.00 Is BigBear.ai's 25% Plunge a False Alarm or Fire Sale?Differences Between Momentum Investing and Long Term Investing Broadcom Confirmed Its AI Outlook: Stock to Hit New Highs Soon3 Beaten Up Experiential Stocks to Cash in on a Good TimeThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Modine Manufacturing Right Now?Before you consider Modine Manufacturing, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Modine Manufacturing wasn't on the list.While Modine Manufacturing currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here