Toromont Industries (TSE:TIH) Sets New 1-Year High After Dividend Announcement

Shares of Toromont Industries Ltd. (TSE:TIH) reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as C$137.64 and last traded at C$137.64, with a volume of 109352 shares changing hands. The stock had previously closed at C$132.74.

The newly announced dividend which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 5th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.50%. Toromont Industries’s dividend payout ratio (DPR) is presently 31.18%.

Wall Street Analyst Weigh In

TIH has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on shares of Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday. TD Securities dropped their target price on shares of Toromont Industries from C$143.00 to C$136.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Raymond James Financial dropped their target price on shares of Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating for the company in a research report on Friday, May 2nd. CIBC increased their target price on shares of Toromont Industries from C$120.00 to C$129.00 in a research report on Friday, July 18th. Finally, Scotiabank dropped their target price on shares of Toromont Industries from C$133.50 to C$128.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$133.13.

Toromont Industries Trading Up 4.7%

The business’s fifty day simple moving average is C$123.88 and its 200 day simple moving average is C$118.87. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The stock has a market cap of C$11.34 billion, a P/E ratio of 22.57, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68.

Insider Activity at Toromont Industries

In related news, Director Frederick James Mifflin acquired 500 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were purchased at an average price of C$110.05 per share, with a total value of C$55,025.00. Also, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of C$120.00, for a total transaction of C$600,000.00. Insiders sold 15,450 shares of company stock worth $1,818,938 in the last quarter. 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.