Toromont Industries Ltd. (TSE:TIH) Given Average Rating of "Moderate Buy" by Brokerages

Toromont Industries Ltd. (TSE:TIH - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is C$129.63.

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Toromont Industries from C$138.00 to C$139.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Canaccord Genuity Group cut their target price on Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. CIBC cut their target price on Toromont Industries from C$130.00 to C$120.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Raymond James cut their target price on Toromont Industries from C$130.00 to C$122.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. Finally, TD Securities reduced their price objective on shares of Toromont Industries from C$143.00 to C$136.00 and set a "buy" rating for the company in a report on Monday, May 5th.

Insider Transactions at Toromont Industries

In other Toromont Industries news, Senior Officer Mike Cuddy sold 5,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of C$117.10, for a total value of C$585,500.00. Also, Director Frederick James Mifflin bought 500 shares of the business's stock in a transaction on Friday, May 2nd. The stock was purchased at an average price of C$110.05 per share, for a total transaction of C$55,025.00. Over the last three months, insiders have sold 15,650 shares of company stock worth $1,817,192. Corporate insiders own 0.27% of the company's stock.

Toromont Industries Stock Performance

TIH traded down C$0.15 during trading hours on Friday, hitting C$118.63. The company's stock had a trading volume of 48,759 shares, compared to its average volume of 154,464. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$134.88. 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 market capitalization of C$9.68 billion, a PE ratio of 19.27, a PEG ratio of 3.72 and a beta of 0.68. The company has a 50-day simple moving average of C$114.62 and a 200 day simple moving average of C$115.72.

Toromont Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.75%. Toromont Industries's payout ratio is 31.18%.

About Toromont Industries

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.