Investors continued to bid the price of Thor Industries Inc. stock higher today (Aug. 20), following Thor’s announcement on Tuesday (Aug. 19) that it reached an agreement to buy closely held Class A motorhome builder Damon Corp.
Thor stock gained $2.12 a share to close at $49.85 after setting a new 52-week high of $49.94 in New York Stock Exchange trading today.
Today was the third-consecutive trading day during which Thor stock reached a new 52-week high.
Thor completed a 2-for-1 stock split on July 9, 2002. Its stock reached $71.97 a share on July 8, 2002, before the price was adjusted to $35.99 a share as a result of the stock split.
Consequently, Thor shares now have increased in value 39% since the stock split a little more than a year ago.
Thor announced on Tuesday that it reached an agreement to buy Damon, a profitable, 400-employee firm with about $200 million sales, for $46 million in cash.
Thor had $91 million in cash on its balance sheet as of April 30, slightly more than twice the amount needed for the Damon acquisition.