Toromont Industries Ltd. (TSE:TIH) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Toromont Industries Ltd. (TSE:TIH) has received a consensus recommendation of "Moderate Buy" from nine analysts, with an average 12-month target price of C$143.50.
• Recent target price adjustments include raises from BMO Capital Markets to C$147.00 and CIBC to C$148.00, while TD Securities set their target at C$154.00.
• The company announced a quarterly dividend of $0.52, with a payout ratio of 33.84% and an annualized dividend yield of 1.3%.

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) have been given an average rating of "Moderate Buy" by the nine ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is C$143.50.

Several research analysts have recently issued reports on TIH shares. BMO Capital Markets raised their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. TD Securities raised 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 report on Thursday, July 31st. Raymond James Financial lifted their price objective on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a "market perform" rating in a report on Thursday, July 31st. Scotiabank lifted their price objective on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Finally, CIBC boosted their target price on shares of Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st.

Insider Transactions at Toromont Industries

In related news, Director David Allan Malinauskas sold 6,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total transaction of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the business's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the transaction, the insider directly owned 36,955 shares of the company's stock, valued at approximately C$5,395,430. The trade was a 16.87% decrease in their position. Insiders own 0.27% of the company's stock.

Toromont Industries Stock Up 0.4%

TIH opened at C$154.97 on Friday. Toromont Industries has a twelve month low of C$107.32 and a twelve month high of C$156.56. The firm's 50-day simple moving average is C$145.11 and its 200-day simple moving average is C$127.60. 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 firm has a market cap of C$12.61 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 3.72 and a beta of 0.65.

Toromont Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, September 5th. Toromont Industries's payout ratio is currently 33.84%.

Toromont Industries Company Profile

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.

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