Toromont Industries (TSE:TIH) Stock Price Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Toromont Industries shares broke above their 200-day moving average, reaching C$228.00 before closing at C$225.73, up 0.4%.
• Analysts remain broadly positive, with seven Buy ratings and two Holds; the consensus rating is Moderate Buy and the average price target is C$246.89.
• The company reported quarterly EPS of C$2.20 on C$1.60 billion in revenue and declared a quarterly dividend of C$0.56, representing an annualized yield of approximately 1.0%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$213.50 and traded as high as C$228.00. Toromont Industries shares last traded at C$225.73, with a volume of 255,302 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TIH. Raymond James Financial lifted their price objective on shares of Toromont Industries from C$235.00 to C$250.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Canaccord Genuity Group raised their price target on shares of Toromont Industries from C$240.00 to C$260.00 and gave the company a "buy" rating in a report on Thursday, July 30th. BMO Capital Markets raised their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce lifted their price target on shares of Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. Finally, National Bank Financial boosted their price objective on shares of Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of C$246.89.

Toromont Industries Stock Up 0.4%

The company has a debt-to-equity ratio of 24.76, a current ratio of 2.73 and a quick ratio of 1.38. The stock has a market capitalization of C$18.41 billion, a price-to-earnings ratio of 35.94, a PEG ratio of 3.72 and a beta of 0.94. The firm's fifty day moving average is C$211.14 and its 200-day moving average is C$213.50.

Toromont Industries (TSE:TIH - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 EPS for the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%.The business had revenue of C$1.60 billion during the quarter. On average, sell-side analysts predict that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, October 2nd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, September 4th. Toromont Industries's payout ratio is 34.39%.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.

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