Insider Selling: Toromont Industries (TSE:TIH) Insider Sells 7,500 Shares of Stock

Key Points

• Insider Transaction: Mike Cuddy, an insider at Toromont Industries, sold 7,500 shares of stock for C$1,095,000, reducing his ownership by 16.87% to 36,955 shares.
• Stock Performance: Toromont Industries’ stock closed at C$147.36, with a market capitalization of C$11.97 billion and an annual low of C$107.32.
• Dividend Declaration: The company declared a quarterly dividend of $0.52 per share, representing a 1.4% yield, to be paid on October 3rd.

Toromont Industries Ltd. (TSE:TIH - Get Free Report) insider Mike Cuddy sold 7,500 shares of Toromont Industries stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the completion of the sale, the insider directly owned 36,955 shares in the company, valued at C$5,395,430. This represents a 16.87% decrease in their position.

Toromont Industries Price Performance

TIH traded up C$1.12 on Tuesday, hitting C$148.98. 122,065 shares of the company's stock were exchanged, compared to its average volume of 146,773. Toromont Industries Ltd. has a fifty-two week low of C$107.32 and a fifty-two week high of C$149.43. 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 firm has a 50-day moving average price of C$138.92 and a 200-day moving average price of C$124.43. The stock has a market cap of C$12.10 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 3.72 and a beta of 0.65.

Toromont Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 5th. Toromont Industries's payout ratio is 33.84%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. TD Securities lifted their target price on shares of Toromont Industries from C$153.00 to C$154.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Raymond James Financial lifted their target price on shares of Toromont Industries from C$122.00 to C$125.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. National Bankshares boosted their price target on shares of Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. CIBC boosted their price target on shares of Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Scotiabank boosted their price target on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of C$140.50.

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.