Toromont Industries (TSE:TIH) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$116.08 and traded as high as C$119.28. Toromont Industries shares last traded at C$118.79, with a volume of 54,162 shares.

Analyst Upgrades and Downgrades

TIH has been the topic of a number of recent analyst reports. Raymond James Financial dropped their price objective on Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating on the stock in a research note on Friday, May 2nd. TD Securities dropped their price objective on Toromont Industries from C$143.00 to C$136.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Canaccord Genuity Group dropped their price objective on Toromont Industries from C$134.00 to C$131.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. CIBC dropped their price objective on Toromont Industries from C$130.00 to C$120.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Finally, BMO Capital Markets dropped their price objective on Toromont Industries from C$130.00 to C$128.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Toromont Industries presently has an average rating of “Moderate Buy” and a consensus price target of C$129.63.

Toromont Industries Stock Down 0.1%

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 stock has a market capitalization of C$9.69 billion, a P/E ratio of 19.29, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68. The firm has a 50 day moving average of C$116.45 and a 200-day moving average of C$116.08.

Toromont Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Friday, June 6th. Toromont Industries’s payout ratio is 31.18%.

Insider Buying and Selling at Toromont Industries

In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 5,000 shares of Toromont Industries stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of C$116.00, for a total transaction of C$580,000.00. Also, Director David Allan Malinauskas sold 250 shares of Toromont Industries stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of C$118.71, for a total value of C$29,677.50. Following the sale, the director now directly owns 600 shares in the company, valued at C$71,226. The trade was a 29.41% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 15,450 shares of company stock valued at $1,818,938. 0.27% of the stock is currently owned by corporate insiders.

About Toromont Industries

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.