Thor Industries (NYSE:THO) to Repurchase $400.00 million in Stock

Thor Industries (NYSE:THO - Get Free Report) declared that its board has approved a share repurchase plan on Monday, June 23rd, RTT News reports. The company plans to buyback $400.00 million in shares. This buyback authorization permits the construction company to repurchase up to 8.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Thor Industries Trading Up 2.5%

Thor Industries stock traded up $2.18 during mid-day trading on Thursday, hitting $88.68. The company's stock had a trading volume of 528,886 shares, compared to its average volume of 668,136. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.71 and a quick ratio of 0.90. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.80 and a beta of 1.21. The business has a 50 day moving average price of $80.69 and a 200-day moving average price of $87.72. Thor Industries has a 12 month low of $63.16 and a 12 month high of $118.85.

Thor Industries (NYSE:THO - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The construction company reported $2.53 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.74. The business had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.60 billion. Thor Industries had a net margin of 2.32% and a return on equity of 6.15%. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.13 earnings per share. As a group, analysts forecast that Thor Industries will post 4.64 EPS for the current year.

Thor Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.26%. The ex-dividend date is Tuesday, July 1st. Thor Industries's dividend payout ratio is presently 47.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on THO shares. Baird R W lowered shares of Thor Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Bank of America raised shares of Thor Industries from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $110.00 to $125.00 in a report on Monday, March 3rd. Citigroup downgraded shares of Thor Industries from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $94.00 to $86.00 in a report on Wednesday, March 19th. Wall Street Zen raised shares of Thor Industries from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, Truist Financial lifted their price objective on shares of Thor Industries from $72.00 to $78.00 and gave the stock a "hold" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $87.63.

Insiders Place Their Bets

In other Thor Industries news, Director Peter Busch Orthwein purchased 3,000 shares of the stock in a transaction on Friday, June 20th. The stock was acquired at an average cost of $85.40 per share, with a total value of $256,200.00. Following the completion of the purchase, the director now directly owns 136,400 shares of the company's stock, valued at approximately $11,648,560. This trade represents a 2.25% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.50% of the stock is currently owned by insiders.

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.