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

Thermon Group (NYSE:THRGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. 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.

Shares of THR opened at $15.89 on Friday. The firm has a market capitalization of $529.93 million, a P/E ratio of 25.22 and a beta of 1.34. Thermon Group has a 12-month low of $14.12 and a 12-month high of $20.35. The company has a current ratio of 3.11, a quick ratio of 2.18 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average price of $15.78 and a 200-day moving average price of $16.87.

Thermon Group (NYSE:THRGet Rating) last issued its earnings results on Wednesday, May 25th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Thermon Group had a net margin of 5.99% and a return on equity of 7.59%. During the same quarter last year, the company earned $0.03 earnings per share. Analysts predict that Thermon Group will post 0.81 earnings per share for the current year.

Several analysts recently weighed in on THR shares. Zacks Investment Research downgraded Thermon Group from a buy rating to a hold rating in a report on Wednesday, April 6th. TheStreet upgraded Thermon Group from a c rating to a b rating in a report on Friday, February 4th. Finally, StockNews.com downgraded Thermon Group from a strong-buy rating to a buy rating in a report on Thursday.

Institutional investors have recently made changes to their positions in the business. Great West Life Assurance Co. Can grew its stake in shares of Thermon Group by 134.3% during the first quarter. Great West Life Assurance Co. Can now owns 2,324 shares of the technology company’s stock worth $40,000 after acquiring an additional 1,332 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Thermon Group during the first quarter worth about $45,000. Royal Bank of Canada grew its stake in shares of Thermon Group by 69.3% during the third quarter. Royal Bank of Canada now owns 4,116 shares of the technology company’s stock worth $72,000 after acquiring an additional 1,685 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Thermon Group during the fourth quarter worth about $109,000. Finally, Citigroup Inc. boosted its position in Thermon Group by 105.0% in the fourth quarter. Citigroup Inc. now owns 9,100 shares of the technology company’s stock valued at $154,000 after buying an additional 4,662 shares during the last quarter. Institutional investors and hedge funds own 93.81% of the company’s stock.

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, and system accessories, as well as band, strip, tubular, immersion, and process heaters; and gas heating products, including enclosure and explosion proof gas catalytic heaters, gas fired blowers, and has 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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