Toromont Industries (TSE:TIH) Hits New 52-Week High – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH)’s share price hit a new 52-week high during trading on Monday . The company 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.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of Toromont Industries from C$151.00 to C$180.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. BMO Capital Markets lifted their target price on shares of Toromont Industries to C$178.00 in a research note on Friday, October 31st. Raymond James Financial increased 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. Canaccord Genuity Group raised their price objective on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, CIBC lifted their price objective on 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 investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$172.88.

Toromont Industries Price Performance

The firm has a market cap of C$13.94 billion, a P/E ratio of 28.31, a price-to-earnings-growth ratio of 3.72 and a beta of 0.58. 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’s 50 day moving average is C$164.04 and its 200 day moving average is C$151.14.

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

Toromont Industries Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, December 5th. Toromont Industries’s payout ratio is 33.72%.

Insider Activity at Toromont Industries

In other news, insider Jennifer Cochrane sold 5,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately C$1,981,980. This represents 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.