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Shares of Thor Industries Inc.
THO,
were indicated up about 1% in premarket trading Monday, after the maker of recreational vehicles said it boosted its share repurchase program to $600 million. The company said it had $151.68 million remaining in its previous buyback program, so the updated program added $448.32 million to the repurchase authorization. The new program represents about 13.9% of Thor’s market capitalization of $4.33 billion as of Friday’s closing prices. “We continue to believe that THOR shares present a compelling investment opportunity at current share prices, and we intend to continue to take advantage to this opportunity to create value by returning capital to shareholder through additional share purchases,” said Chief Executive Bob Martin. The stock has dropped 23.5% year to date through Friday, while the S&P 500
SPX,
has declined 17.9%.
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