Toromont Industries (TSE:TIH) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Toromont Industries Ltd. (TSE:TIH) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$137.25 and traded as high as C$164.98. Toromont Industries shares last traded at C$164.86, with a volume of 187,919 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on TIH. Raymond James Financial lifted their price target on shares of Toromont Industries from C$125.00 to C$150.00 and gave the stock a “market perform” rating in a research note on Monday, November 3rd. TD Securities upped their target price on shares of Toromont Industries from C$179.00 to C$180.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Canaccord Genuity Group increased their price target on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. BMO Capital Markets lifted their price objective on Toromont Industries to C$178.00 in a report on Friday, October 31st. Finally, CIBC increased their target price on Toromont Industries from C$168.00 to C$172.00 and gave the stock a “neutral” rating in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$172.88.

Toromont Industries Stock Up 0.4%

The company has a market cap of C$13.42 billion, a P/E ratio of 27.25, a PEG ratio of 3.72 and a beta of 0.58. The business’s 50 day moving average price is C$156.03 and its 200-day moving average price is C$137.25. 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 released its quarterly earnings results on Thursday, October 30th. The company reported C$1.72 earnings per share for the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%.The firm had revenue of C$1.31 billion during the quarter. On average, analysts anticipate that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, October 3rd were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, September 5th. Toromont Industries’s payout ratio is 33.72%.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total transaction of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the completion of the transaction, the insider owned 36,955 shares in the company, valued at C$5,395,430. This represents a 16.87% decrease in their ownership of the stock. Corporate 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.