Toromont Industries (TSE:TIH) Reaches New 52-Week High Following Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH)’s share price reached a new 52-week high during mid-day trading on Wednesday after TD Securities raised their price target on the stock from C$195.00 to C$228.00. TD Securities currently has a buy rating on the stock. Toromont Industries traded as high as C$207.86 and last traded at C$206.52, with a volume of 331529 shares changing hands. The stock had previously closed at C$204.93.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group boosted their price target on shares of Toromont Industries from C$172.00 to C$200.00 in a report on Friday, February 13th. BMO Capital Markets boosted their price objective on shares of Toromont Industries from C$196.00 to C$210.00 in a research note on Thursday, February 12th. Raymond James Financial upped their target price on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. Scotiabank lifted their price target on Toromont Industries from C$171.00 to C$175.00 and gave the company a “sector perform” rating in a report on Monday, November 3rd. Finally, Royal Bank Of Canada boosted their price target on Toromont Industries from C$180.00 to C$207.00 in a research report on Thursday, February 12th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$194.50.

Insider Activity at Toromont Industries

In related news, insider Jennifer Cochrane sold 5,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of C$165.00, for a total transaction of C$825,000.00. Following the transaction, the insider directly owned 12,012 shares in the company, valued at C$1,981,980. The trade was a 29.39% decrease in their position. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Price Performance

The stock has a 50 day moving average of C$174.94 and a 200-day moving average of C$161.33. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37. The company has a market cap of C$16.82 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 3.72 and a beta of 0.52.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, February 10th. The company reported C$1.92 earnings per share 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$1.42 billion for the quarter. Equities analysts predict that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Monday, January 5th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, December 5th. Toromont Industries’s dividend payout ratio is 34.27%.

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.