Toromont Industries (TSE:TIH) Sets New 52-Week High After Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH) shares reached a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from C$181.00 to C$208.00. The company traded as high as C$207.86 and last traded at C$206.52, with a volume of 331529 shares trading hands. The stock had previously closed at C$204.93.

Several other brokerages also recently issued reports on TIH. Raymond James Financial raised their price target on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. Canaccord Genuity Group increased their price objective on shares of Toromont Industries from C$172.00 to C$200.00 in a research report on Friday, February 13th. Royal Bank Of Canada lifted their target price on shares of Toromont Industries from C$180.00 to C$207.00 in a report on Thursday, February 12th. TD Securities upped their price target 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. Finally, BMO Capital Markets raised their price objective on shares of Toromont Industries from C$196.00 to C$210.00 in a research report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$198.63.

Insider Transactions at Toromont Industries

In other Toromont Industries news, insider Jennifer Cochrane sold 5,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were 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. This represents a 29.39% decrease in their position. 0.27% of the stock is owned by corporate insiders.

Toromont Industries Stock Down 2.2%

The stock has a 50-day moving average of C$175.67 and a 200-day moving average of C$161.61. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38. The firm has a market cap of C$16.46 billion, a price-to-earnings ratio of 33.29, a P/E/G 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 earnings per share for the quarter. The firm had revenue of C$1.42 billion during the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%. Sell-side analysts predict that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Monday, January 5th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $2.08 annualized dividend and a yield of 1.0%. Toromont Industries’s dividend payout ratio is currently 34.27%.

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.