Toromont Industries (TSE:TIH) Hits New 52-Week High - Time to Buy?

Key Points

• Toromont Industries Ltd. (TSE:TIH) reached a new 52-week high at C$159.21 during mid-day trading, with a last traded price of C$159.00.
• Several analysts have recently raised their price targets for TIH, with the consensus target price now at C$143.50, indicating a general sentiment of support for the stock.
• The company announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 1.3% and a payout ratio of 33.84%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$159.21 and last traded at C$159.00, with a volume of 110760 shares. The stock had previously closed at C$157.24.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TIH. CIBC raised their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. National Bankshares raised their price target on Toromont Industries from C$140.00 to C$164.00 and gave the stock an "outperform" rating in a report on Wednesday, September 24th. Scotiabank upped 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. Raymond James Financial increased 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 research report on Thursday, July 31st. Finally, BMO Capital Markets boosted their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Toromont Industries currently has an average rating of "Moderate Buy" and a consensus target price of C$143.50.

Toromont Industries Stock Up 1.1%

The stock has a market capitalization of C$12.94 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 3.72 and a beta of 0.64. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38. The business's fifty day moving average price is C$148.25 and its two-hundred day moving average price is C$130.03.

Toromont Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. Toromont Industries's payout ratio is 33.84%.

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the company's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total value of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the 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 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 ownership of the stock. 0.27% of the stock is owned by 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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