Thermon Group (NYSE:THR) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Thermon Group Holdings, Inc. (NYSE:THR) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.32 and traded as high as $30.96. Thermon Group shares last traded at $30.77, with a volume of 243,436 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com raised Thermon Group from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th.

Thermon Group Price Performance

The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 24.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.80 and a quick ratio of 1.85. The stock’s 50 day simple moving average is $28.73 and its two-hundred day simple moving average is $30.33.

Thermon Group (NYSE:THR) last issued its earnings results on Thursday, November 7th. The technology company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.03. Thermon Group had a net margin of 8.89% and a return on equity of 12.08%. The business had revenue of $114.60 million for the quarter, compared to analyst estimates of $116.19 million. During the same period in the previous year, the business earned $0.49 EPS. The firm’s revenue was down 7.4% on a year-over-year basis. On average, analysts forecast that Thermon Group Holdings, Inc. will post 1.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Thermon Group

A number of hedge funds have recently modified their holdings of THR. FMR LLC grew its position in Thermon Group by 10.0% in the third quarter. FMR LLC now owns 2,186,280 shares of the technology company’s stock valued at $65,239,000 after acquiring an additional 198,642 shares during the period. Wellington Management Group LLP grew its holdings in shares of Thermon Group by 15.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,324,609 shares of the technology company’s stock worth $39,526,000 after purchasing an additional 178,017 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Thermon Group by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 772,597 shares of the technology company’s stock worth $23,059,000 after purchasing an additional 8,910 shares in the last quarter. State Street Corp lifted its holdings in Thermon Group by 0.8% during the 3rd quarter. State Street Corp now owns 769,187 shares of the technology company’s stock valued at $22,953,000 after purchasing an additional 5,882 shares during the last quarter. Finally, Needham Investment Management LLC boosted its position in Thermon Group by 21.5% in the third quarter. Needham Investment Management LLC now owns 650,000 shares of the technology company’s stock valued at $19,396,000 after buying an additional 115,000 shares in the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

About Thermon Group

Thermon Group Holdings, Inc provides engineered industrial process heating solutions for process industries in the United States and Latin America, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. It offers heat tracing products, such as electric heat tracing cables, steam heating solutions, controls, monitoring and software, instrumentation, project services, industrial heating and filtration solutions, temporary electrical power distribution and lighting, and other products and services.