Toromont Industries (TSE:TIH) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Toromont Industries Ltd. (TSE:TIH)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$168.22 and traded as high as C$202.98. Toromont Industries shares last traded at C$201.79, with a volume of 195,018 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce increased their price target on shares of Toromont Industries from C$172.00 to C$180.00 in a research report on Friday, February 6th. Raymond James Financial increased their target price on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. TD Securities raised their target price on Toromont Industries from C$195.00 to C$228.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. BMO Capital Markets boosted their price target on Toromont Industries from C$196.00 to C$210.00 in a research note on Thursday, February 12th. Finally, Royal Bank Of Canada upped 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 given a Hold rating to the company. Based on data from MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and an average target price of C$198.63.

Toromont Industries Stock Up 0.1%

The stock has a market cap of C$16.44 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 3.72 and a beta of 0.89. The company has a debt-to-equity ratio of 25.87, a quick ratio of 1.38 and a current ratio of 2.93. The firm’s 50-day simple moving average is C$187.71 and its two-hundred day simple moving average is C$168.22.

Toromont Industries (TSE:TIH) last announced its earnings results on Tuesday, February 10th. The company reported C$1.92 earnings per share (EPS) for the quarter. Toromont Industries had a net margin of 9.54% and a return on equity of 15.97%. The company had revenue of C$1.42 billion for the quarter. On average, sell-side analysts expect that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Thursday, April 2nd will be given a $0.56 dividend. The ex-dividend date is Friday, March 6th. This is a positive change from Toromont Industries’s previous quarterly dividend of $0.52. This represents a $2.24 dividend on an annualized basis and a yield of 1.1%. 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.