Thermon Group (NYSE:THR) Updates FY 2023 Earnings Guidance

Thermon Group (NYSE:THRGet Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $0.74-$0.89 for the period, compared to the consensus earnings per share estimate of $1.23. The company issued revenue guidance of $350.00 million-$380.00 million, compared to the consensus revenue estimate of $365.26 million.

Several analysts have issued reports on the company. StockNews.com upgraded Thermon Group from a buy rating to a strong-buy rating in a research note on Wednesday, June 15th. TheStreet lowered Thermon Group from a b- rating to a c rating in a research note on Monday, June 6th.

Shares of NYSE THR traded down $0.38 during trading hours on Thursday, reaching $14.74. 9,218 shares of the stock were exchanged, compared to its average volume of 93,418. The firm has a market capitalization of $491.87 million, a price-to-earnings ratio of 24.00 and a beta of 1.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.02. Thermon Group has a 52 week low of $14.12 and a 52 week high of $20.35. The stock’s fifty day simple moving average is $15.44 and its 200 day simple moving average is $16.57.

Thermon Group (NYSE:THRGet Rating) last announced its earnings results on Wednesday, May 25th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. Thermon Group had a return on equity of 7.51% and a net margin of 5.99%. During the same quarter last year, the company earned $0.03 EPS. Research analysts predict that Thermon Group will post 0.83 EPS for the current fiscal year.

In related news, CEO Bruce Thames purchased 3,150 shares of Thermon Group stock in a transaction that occurred on Wednesday, June 15th. The shares were acquired at an average price of $15.49 per share, with a total value of $48,793.50. Following the completion of the transaction, the chief executive officer now directly owns 209,267 shares of the company’s stock, valued at approximately $3,241,545.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Nesser III purchased 3,637 shares of Thermon Group stock in a transaction that occurred on Friday, June 3rd. The shares were bought at an average cost of $15.55 per share, for a total transaction of $56,555.35. Following the transaction, the director now directly owns 46,500 shares of the company’s stock, valued at $723,075. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 11,867 shares of company stock worth $186,906. 1.40% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Great West Life Assurance Co. Can boosted its holdings in shares of Thermon Group by 134.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,324 shares of the technology company’s stock valued at $40,000 after purchasing an additional 1,332 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Thermon Group in the 1st quarter valued at $45,000. MetLife Investment Management LLC lifted its stake in shares of Thermon Group by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 18,025 shares of the technology company’s stock valued at $292,000 after acquiring an additional 6,427 shares during the last quarter. PDT Partners LLC bought a new position in shares of Thermon Group in the 1st quarter valued at $369,000. Finally, Raymond James & Associates lifted its stake in shares of Thermon Group by 12.8% in the 1st quarter. Raymond James & Associates now owns 35,395 shares of the technology company’s stock valued at $573,000 after acquiring an additional 4,025 shares during the last quarter. 93.81% of the stock is currently owned by hedge funds and other institutional investors.

About Thermon Group (Get Rating)

Thermon Group Holdings, Inc provides engineered industrial process heating solutions for process industries worldwide. Its products include electric heating products, such as air heaters and heating accessories, boilers and calorifiers, controlling and monitoring solutions, heat tracing systems, tank heating systems, thermostats, tubing bundles, and system accessories, as well as strip, tubular, immersion, and process heaters; and gas heating products, including enclosure and explosion proof gas catalytic heaters, gas fired blowers, and gas heating accessories that comprise regulators, valves, mounting brackets, and battery cables.

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Earnings History and Estimates for Thermon Group (NYSE:THR)

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