Toromont Industries (TSE:TIH) Hits New 12-Month High – Here’s Why

Toromont Industries Ltd. (TSE:TIH)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$208.14 and last traded at C$207.74, with a volume of 96614 shares traded. The stock had previously closed at C$204.79.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TIH. BMO Capital Markets lifted their price target on Toromont Industries from C$196.00 to C$210.00 in a research note on Thursday, February 12th. Canadian Imperial Bank of Commerce lifted their price objective on Toromont Industries from C$172.00 to C$180.00 in a research report on Friday, February 6th. Canaccord Genuity Group increased their price target on shares of Toromont Industries from C$172.00 to C$200.00 in a research note on Friday, February 13th. Royal Bank Of Canada boosted their target price on shares of Toromont Industries from C$180.00 to C$207.00 in a research report on Thursday, February 12th. Finally, TD Securities boosted their target price on shares of Toromont Industries from C$195.00 to C$228.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$198.63.

Toromont Industries Stock Up 2.5%

The business’s 50 day simple moving average is C$179.54 and its 200 day simple moving average is C$163.77. 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 company has a market capitalization of C$17.09 billion, a PE ratio of 34.57, a price-to-earnings-growth ratio of 3.72 and a beta of 0.52.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Tuesday, February 10th. The company reported C$1.92 EPS for the quarter. The firm had revenue of C$1.42 billion for the quarter. Toromont Industries had a net margin of 10.09% and a return on equity of 17.74%. As a group, analysts forecast that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Monday, January 5th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, December 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. Toromont Industries’s payout ratio is 34.27%.

Insider Activity

In related news, insider Jennifer Cochrane sold 5,000 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of C$165.00, for a total value of C$825,000.00. Following the completion of the sale, the insider owned 12,012 shares in the company, 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.