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The stock prices of Winnebago Industries and Spartan Motors climbed sharply higher today (April 8) apparently because of the announcements the companies issued before the market opened.
Winnebago stock climbed $2.22 a share today, or 5%, to close at $44.72 after the motorhome manufacturer revealed it will buy back a little more than 2 million shares of its own stock from the heirs of John K. Hanson, the company founder who died during 1996.
Because Winnebago, at least for now, is not selling the Hanson family shares on the open market, that means each outstanding share of Winnebago stock represents a slightly bigger stake in the company. Consequently, the market price for Winnebago shares was expected to rise.
Winnebago stock remains below its 52-week high of $51.43 a share.
Separately, Spartan, a supplier of diesel pusher chassis to motorhome builders, announced today that its first quarter sales and earnings will be above market analysts’ expectations.
Spartan stock soared $1.81 a share, or 23%, higher today to close at $9.55. Earlier, in the trading session, Spartan climbed as high as $9.74 a share, shattering its previous 52-week high of $9.10.
Additionally, Thor Industries, primarily a builder of towable RVs, saw its stock price increase $1.10 a share today to close at $51.30. Earlier in today’s session, Thor’s stock climbed as high as $51.60 a share, a new 52-week high.
A possible explanation is Thor’s announcement last week that its transit and shuttle bus subsidiaries signed a $200 million contract to supply 5,000 buses to California transit agencies over the next three years.
However, the government’s report today that it estimates only a small increase in the retail price for gasoline will occur between now and the summer driving season may also have helped Thor and almost all other RV manufacturers’ stocks.
All RV industry stocks followed by RVBUSINESSS.COM, except for National RV, either closed higher or were unchanged today. And National RV’s shares declined only 2 cents to close at $12.48.