Toromont Industries (TSE:TIH) Hits New 1-Year High – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$226.01 and last traded at C$227.58, with a volume of 66298 shares traded. The stock had previously closed at C$223.92.

Analysts Set New Price Targets

TIH has been the subject of a number of recent research reports. TD Securities lifted their price objective on 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. Raymond James Financial raised their price target on Toromont Industries from C$180.00 to C$190.00 and gave the company a “market perform” rating in a report on Thursday, April 30th. Scotiabank lifted their price target on Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Canaccord Genuity Group upgraded shares of Toromont Industries from a “hold” rating to a “buy” rating and increased their price target for the company from C$200.00 to C$235.00 in a report on Monday, April 27th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$216.44.

Toromont Industries Trading Down 2.1%

The company has a market capitalization of C$18.16 billion, a P/E ratio of 35.42, a PEG ratio of 3.72 and a beta of 0.98. The stock has a fifty day moving average of C$212.83 and a 200 day moving average of C$191.48. The company has a debt-to-equity ratio of 25.19, a quick ratio of 1.38 and a current ratio of 3.17.

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

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Thursday, July 2nd will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. Toromont Industries’s payout ratio is currently 33.70%.

Insider Buying and Selling

In related news, Director David Allan Malinauskas sold 972 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total value of C$195,955.20. Insiders own 0.27% of the company’s stock.

About Toromont Industries

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.