Toromont Industries (TSE:TIH) Hits New 1-Year High - Still a Buy?

Key Points

• Toromont Industries shares reached a new 52-week high of C$153.77 amid positive analyst reports and target price increases, with a consensus price target of C$140.50.
• The company announced a quarterly dividend of $0.52, reflecting an annualized dividend of $2.08 and a yield of 1.3%, with the ex-dividend date set for September 5th.
• Despite recent insider selling, with significant shares sold by executives, insiders still hold 0.27% of the stock, indicating ongoing confidence in the company's outlook.

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as C$153.77 and last traded at C$153.67, with a volume of 21737 shares changing hands. The stock had previously closed at C$152.64.

Wall Street Analysts Forecast Growth

TIH has been the topic of several analyst reports. CIBC upped their target price on Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Scotiabank increased their price target on Toromont Industries from C$132.00 to C$140.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. TD Securities increased their price target on 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 increased their price target on Toromont Industries from C$122.00 to C$125.00 and gave the stock a "market perform" rating in a report on Thursday, July 31st. Finally, BMO Capital Markets increased their price target on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$140.50.

Toromont Industries Trading Up 1.9%

The company has a market capitalization of C$12.63 billion, a PE ratio of 26.31, a PEG ratio of 3.72 and a beta of 0.65. 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 stock has a fifty day moving average of C$140.81 and a two-hundred day moving average of C$125.33.

Toromont Industries Announces Dividend

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

Insider Buying and Selling

In other news, insider Mike Cuddy sold 7,500 shares of Toromont Industries stock in a transaction that occurred on 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 sale, the insider directly owned 36,955 shares in the company, valued at approximately C$5,395,430. This trade represents a 16.87% decrease in their position. Also, Director David Allan Malinauskas sold 6,000 shares of Toromont Industries stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. 0.27% of the stock is currently owned by company insiders.

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.

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