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

Shares of Toromont Industries Ltd. (TSE:TIH) hit a new 52-week high during 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 changing hands. The stock had previously closed at C$204.79.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce upped their target price on shares of Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Scotiabank upped their price target on Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Royal Bank Of Canada boosted their price target on shares of Toromont Industries from C$180.00 to C$207.00 in a research note on Thursday, February 12th. BMO Capital Markets increased their price objective on Toromont Industries from C$196.00 to C$210.00 in a research note on Thursday, February 12th. Finally, Raymond James Financial increased their price target on shares of Toromont Industries from C$172.00 to C$180.00 in a research note on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and a consensus price target of C$198.63.

Toromont Industries Stock Performance

The firm has a market capitalization of C$17.09 billion, a PE ratio of 34.57, a P/E/G ratio of 3.72 and a beta of 0.52. The business has a 50-day simple moving average of C$179.54 and a 200-day simple moving average of C$163.77. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38.

Toromont Industries (TSE:TIH) last posted its earnings results on Tuesday, February 10th. The company reported C$1.92 EPS for the quarter. The business 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%. Equities research analysts expect 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. Investors of record on Monday, January 5th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. Toromont Industries’s dividend payout ratio (DPR) is currently 34.27%.

Insider Transactions at Toromont Industries

In other 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 transaction, the insider owned 12,012 shares in the company, valued at C$1,981,980. The trade was a 29.39% decrease in their position. 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.