Toromont Industries (TSE:TIH) Share Price Crosses Above 200 Day Moving Average – What’s Next?

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$168.22 and traded as high as C$202.98. Toromont Industries shares last traded at C$201.79, with a volume of 195,018 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TIH shares. Canadian Imperial Bank of Commerce upped their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Canaccord Genuity Group raised their target price on Toromont Industries from C$172.00 to C$200.00 in a report on Friday, February 13th. Royal Bank Of Canada boosted their target price on Toromont Industries from C$180.00 to C$207.00 in a research report on Thursday, February 12th. TD Securities upped their price target on Toromont Industries from C$195.00 to C$228.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Finally, Scotiabank increased their price target on shares of Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$198.63.

Toromont Industries Price Performance

The firm has a market capitalization of C$16.10 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 3.72 and a beta of 0.89. The company has a debt-to-equity ratio of 25.87, a quick ratio of 1.38 and a current ratio of 2.93. The company has a 50-day moving average of C$188.92 and a 200-day moving average of C$168.79.

Toromont Industries (TSE:TIH) last issued its quarterly earnings data 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 9.54% and a return on equity of 15.97%. As a group, research analysts anticipate that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Thursday, April 2nd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from Toromont Industries’s previous quarterly dividend of $0.52. The ex-dividend date is Friday, March 6th. Toromont Industries’s dividend payout ratio is 34.27%.

Insider Transactions at Toromont Industries

In other news, Director David Allan Malinauskas sold 972 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total transaction of C$195,955.20. 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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.