Toromont Industries (TSE:TIH) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$155.91 and traded as high as C$182.89. Toromont Industries shares last traded at C$176.14, with a volume of 269,820 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TIH shares. Raymond James Financial lifted their price target on Toromont Industries from C$125.00 to C$150.00 and gave the stock a “market perform” rating in a research note on Monday, November 3rd. Canaccord Genuity Group lifted their target price on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. National Bankshares boosted their price target on shares of Toromont Industries from C$164.00 to C$176.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Scotiabank raised their price objective on shares of Toromont Industries from C$171.00 to C$175.00 and gave the stock a “sector perform” rating in a research note on Monday, November 3rd. Finally, BMO Capital Markets lifted their price objective on shares of Toromont Industries to C$178.00 in a research report on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$172.88.

Toromont Industries Stock Down 3.5%

The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The firm has a market capitalization of C$14.33 billion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 3.72 and a beta of 0.58. The business’s 50-day moving average price is C$168.42 and its 200-day moving average price is C$155.91.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Thursday, October 30th. The company reported C$1.72 EPS for the quarter. Toromont Industries had a net margin of 10.09% and a return on equity of 17.74%. The firm had revenue of C$1.31 billion for the quarter. As a group, equities research analysts predict that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Monday, January 5th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, December 5th. Toromont Industries’s dividend payout ratio (DPR) is currently 33.72%.

Insider Transactions at Toromont Industries

In related news, insider Jennifer Cochrane sold 5,000 shares of Toromont Industries stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of C$165.00, for a total transaction of C$825,000.00. Following the completion of the sale, the insider owned 12,012 shares of the company’s stock, valued at approximately C$1,981,980. This trade represents a 29.39% decrease in their ownership of the stock. Insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger segment by revenue, Equipment Group includes a Caterpillar dealership and rental operation of construction equipment. CIMCO offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.