Toromont Industries (TSE:TIH) Sets New 1-Year High Following Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH)’s stock price reached a new 52-week high on Friday after Canadian Imperial Bank of Commerce raised their price target on the stock from C$172.00 to C$180.00. The company traded as high as C$185.17 and last traded at C$184.15, with a volume of 55447 shares. The stock had previously closed at C$181.19.

Several other analysts have also recently issued reports on TIH. Scotiabank increased their price objective on Toromont Industries from C$171.00 to C$175.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. TD Securities increased their price target on Toromont Industries from C$180.00 to C$195.00 in a research report on Wednesday. National Bankshares raised their target price on shares of Toromont Industries from C$164.00 to C$176.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Raymond James Financial increased their target price on Toromont Industries from C$125.00 to C$150.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. Finally, Royal Bank Of Canada raised their price target on Toromont Industries from C$151.00 to C$180.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Five research 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, Toromont Industries currently has an average rating of “Moderate Buy” and a consensus target price of C$175.75.

Insider Transactions at Toromont Industries

In other news, insider Jennifer Cochrane sold 5,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 12,012 shares of the company’s stock, valued at approximately C$1,981,980. The trade was a 29.39% decrease in their position. 0.27% of the stock is owned by corporate insiders.

Toromont Industries Price Performance

The company has a market capitalization of C$15.03 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 3.72 and a beta of 0.52. 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 company’s 50 day simple moving average is C$170.21 and its 200-day simple moving average is C$157.97.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Thursday, October 30th. The company reported C$1.72 EPS for the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%.The business had revenue of C$1.31 billion during the quarter. On average, equities research analysts predict that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Monday, January 5th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, December 5th. Toromont Industries’s payout ratio is currently 33.72%.

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.