Toromont Industries (OTCMKTS:TMTNF) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Toromont Industries Ltd. (OTCMKTS:TMTNF) shares crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $154.05 and traded as high as $158.4195. Toromont Industries shares last traded at $158.4195, with a volume of 28 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Toromont Industries in a research note on Thursday, April 30th. BMO Capital Markets reiterated an “outperform” rating on shares of Toromont Industries in a research note on Wednesday, April 29th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Toromont Industries in a research note on Thursday, April 30th. Scotiabank reiterated a “sector perform” rating on shares of Toromont Industries in a research note on Thursday, April 30th. Finally, TD Securities reiterated a “buy” rating on shares of Toromont Industries in a research note on Monday, May 4th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Toromont Industries Trading Up 0.3%

The company has a quick ratio of 1.86, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $154.05 and its 200-day moving average is $139.15. The firm has a market cap of $12.92 billion and a P/E ratio of 72.34.

Toromont Industries (OTCMKTS:TMTNF) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. Toromont Industries had a net margin of 9.63% and a return on equity of 16.35%. The business had revenue of $895.28 million during the quarter, compared to analyst estimates of $842.94 million.

About Toromont Industries

Toromont Industries Ltd. is a Canadian diversified industrial equipment and services company. Through its Toromont CAT division, it serves as a major dealer for Caterpillar machinery, offering sales, rentals, parts and service support for a wide range of heavy-duty equipment. Products include earth-moving, paving and compaction machinery, material handling equipment and power generation systems tailored to the needs of construction, mining, forestry, marine and energy sectors.

The company’s CIMCO Refrigeration business provides design-build, installation and maintenance of industrial and commercial refrigeration systems.