Toromont Industries (TSE:TIH) Reaches New 1-Year High – Still a Buy?

Toromont Industries Ltd. (TSE:TIH) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$237.00 and last traded at C$232.60, with a volume of 41802 shares traded. The stock had previously closed at C$205.71.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TIH. Scotiabank lifted their target price on shares of Toromont Industries from C$181.00 to C$208.00 in a report on Wednesday, February 18th. Raymond James Financial increased their target price on Toromont Industries from C$180.00 to C$190.00 and gave the company a “market perform” rating in a research note on Thursday, April 30th. Royal Bank Of Canada raised their target price on Toromont Industries from C$207.00 to C$234.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. BMO Capital Markets upped their price target on Toromont Industries from C$215.00 to C$228.00 in a report on Wednesday, April 29th. Finally, Canaccord Genuity Group raised shares of Toromont Industries from a “hold” rating to a “buy” rating and increased their price objective for the company from C$200.00 to C$235.00 in a research report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Toromont Industries has a consensus rating of “Moderate Buy” and an average price target of C$216.44.

Toromont Industries Trading Up 16.8%

The company has a current ratio of 3.17, a quick ratio of 1.38 and a debt-to-equity ratio of 25.19. The business has a 50 day simple moving average of C$215.84 and a two-hundred day simple moving average of C$194.57. The stock has a market cap of C$19.59 billion, a price-to-earnings ratio of 38.19, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98.

Toromont Industries (TSE:TIH) last announced its earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The company had revenue of C$1.23 billion for the quarter. As a group, equities analysts anticipate that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Thursday, July 2nd will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $2.24 annualized dividend and a yield of 0.9%. Toromont Industries’s dividend payout ratio is currently 33.70%.

Toromont Industries Company Profile

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory – spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.