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

Toromont Industries Ltd. (TSE:TIH) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$171.72 and last traded at C$171.20, with a volume of 23228 shares trading hands. The stock had previously closed at C$171.40.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Toromont Industries to C$178.00 in a report on Friday, October 31st. Scotiabank raised their price target on 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. National Bankshares upped their price objective on Toromont Industries from C$164.00 to C$176.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. TD Securities raised their price objective on shares of Toromont Industries from C$179.00 to C$180.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, CIBC boosted their price objective on shares of Toromont Industries from C$168.00 to C$172.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$172.88.

Toromont Industries Price Performance

The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The stock has a 50 day simple moving average of C$164.04 and a 200-day simple moving average of C$151.14. The firm has a market cap of C$13.94 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 3.72 and a beta of 0.58.

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

Toromont Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Monday, January 5th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, December 5th. Toromont Industries’s payout ratio is currently 33.72%.

Insider Activity at Toromont Industries

In related news, insider Jennifer Cochrane sold 5,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of C$165.00, for a total value of C$825,000.00. Following the sale, the insider directly owned 12,012 shares in the company, valued at approximately C$1,981,980. The trade was a 29.39% decrease in their ownership of the stock. Corporate 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.