Thor Industries (NYSE:THO) Raised to Sector Weight at KeyCorp

Key Points

• Thor Industries has been upgraded from an "underweight" to a "sector weight" rating by KeyCorp, as reported by equities analysts.
• The company's board has approved a stock buyback program allowing for the repurchase of up to $400 million in shares, indicating a belief that the shares are undervalued.
• Thor Industries reported $2.53 earnings per share for the latest quarter, exceeding analysts' expectations, with revenue of $2.89 billion, a 3.3% year-over-year increase.

Thor Industries (NYSE:THO - Get Free Report) was upgraded by equities research analysts at KeyCorp from an "underweight" rating to a "sector weight" rating in a report issued on Friday,Briefing.com Automated Import reports.

Other equities analysts have also issued research reports about the company. Roth Capital set a $77.00 price target on Thor Industries and gave the company a "neutral" rating in a research note on Monday, June 9th. Baird R W lowered Thor Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. DA Davidson upgraded Thor Industries to a "hold" rating in a research note on Monday, April 14th. Wall Street Zen upgraded Thor Industries from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Truist Financial lifted their price target on Thor Industries from $72.00 to $78.00 and gave the company a "hold" rating in a research note on Tuesday, June 3rd. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $87.63.

Thor Industries Stock Performance

NYSE THO opened at $90.86 on Friday. The stock has a 50-day simple moving average of $88.67 and a two-hundred day simple moving average of $86.77. The firm has a market capitalization of $4.83 billion, a P/E ratio of 21.79, a PEG ratio of 1.91 and a beta of 1.21. Thor Industries has a fifty-two week low of $63.15 and a fifty-two week high of $118.85. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.90 and a current ratio of 1.71.

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

Thor Industries announced that its board has approved a stock buyback program on Monday, June 23rd that permits the company 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 programs are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

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

Institutional Investors Weigh In On Thor Industries

Large investors have recently bought and sold shares of the company. ACR Alpine Capital Research LLC boosted its holdings in shares of Thor Industries by 62.5% during the 1st quarter. ACR Alpine Capital Research LLC now owns 3,482,917 shares of the construction company's stock worth $264,040,000 after purchasing an additional 1,339,951 shares during the last quarter. Southpoint Capital Advisors LP boosted its holdings in shares of Thor Industries by 106.2% during the 1st quarter. Southpoint Capital Advisors LP now owns 1,250,000 shares of the construction company's stock worth $94,762,000 after purchasing an additional 643,851 shares during the last quarter. Norges Bank acquired a new position in shares of Thor Industries during the 4th quarter worth approximately $54,754,000. Raymond James Financial Inc. acquired a new position in shares of Thor Industries during the 4th quarter worth approximately $52,497,000. Finally, Timucuan Asset Management Inc. FL boosted its holdings in shares of Thor Industries by 20.1% during the 1st quarter. Timucuan Asset Management Inc. FL now owns 2,448,401 shares of the construction company's stock worth $185,613,000 after purchasing an additional 409,636 shares during the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

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.

This 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.