Bank of America Issues Positive Forecast for Thor Industries (NYSE:THO) Stock Price

Key Points

• Bank of America has raised its price target for Thor Industries from $100.00 to $120.00, reflecting a potential upside of 10.57% from the stock's previous close.
• Several other analysts have also upgraded their ratings on Thor Industries, with Zacks Research and KeyCorp raising their ratings from "sell" and "underweight" respectively.
• Thor Industries has initiated a stock repurchase plan worth $400 million, indicating management's belief that the stock is undervalued.

Thor Industries (NYSE:THO - Get Free Report) had its price objective hoisted by analysts at Bank of America from $100.00 to $120.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the construction company's stock. Bank of America's price target would suggest a potential upside of 10.57% from the stock's previous close.

THO has been the topic of a number of other reports. KeyCorp raised Thor Industries from an "underweight" rating to a "sector weight" rating in a research note on Friday, August 1st. Truist Financial lifted their target price on Thor Industries from $86.00 to $115.00 and gave the stock a "hold" rating in a report on Wednesday, September 3rd. Zacks Research upgraded Thor Industries from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 3rd. Wall Street Zen raised Thor Industries from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Roth Capital set a $77.00 price objective on Thor Industries and gave the stock a "neutral" rating in a research report on Monday, June 9th. Two analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $93.38.

Thor Industries Price Performance

NYSE:THO traded down $0.95 during trading hours on Wednesday, hitting $108.53. The company's stock had a trading volume of 26,180 shares, compared to its average volume of 761,899. The stock has a fifty day simple moving average of $99.64 and a 200-day simple moving average of $87.28. The company has a market capitalization of $5.77 billion, a P/E ratio of 26.03, a PEG ratio of 2.24 and a beta of 1.34. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.71 and a quick ratio of 0.90. Thor Industries has a twelve month low of $63.15 and a twelve month high of $118.85.

Thor Industries announced that its Board of Directors has authorized a stock repurchase plan on Monday, June 23rd that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 8.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Thor Industries news, Director Peter Busch Orthwein acquired 3,000 shares of the company's stock in a transaction on Friday, June 20th. The stock was acquired at an average price of $85.40 per share, for a total transaction of $256,200.00. Following the acquisition, the director owned 136,400 shares in the company, valued at $11,648,560. This represents a 2.25% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in THO. Principal Financial Group Inc. increased its holdings in shares of Thor Industries by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 122,374 shares of the construction company's stock worth $9,277,000 after purchasing an additional 755 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in Thor Industries by 4.2% during the first quarter. Crossmark Global Holdings Inc. now owns 3,560 shares of the construction company's stock valued at $270,000 after purchasing an additional 145 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Thor Industries by 7.5% during the first quarter. Oppenheimer & Co. Inc. now owns 3,281 shares of the construction company's stock valued at $249,000 after purchasing an additional 228 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Thor Industries by 33.5% during the first quarter. QRG Capital Management Inc. now owns 20,453 shares of the construction company's stock valued at $1,551,000 after acquiring an additional 5,136 shares during the period. Finally, Teacher Retirement System of Texas raised its holdings in Thor Industries by 6.0% during the first quarter. Teacher Retirement System of Texas now owns 13,211 shares of the construction company's stock valued at $1,002,000 after acquiring an additional 749 shares during the period. Institutional investors own 96.71% of the company's stock.

About Thor Industries

THOR Industries, Inc designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Canada, and Europe. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; luxury fifth wheels; and motorcaravans, caravans, campervans, and urban vehicles.

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