Toromont Industries (TSE:TIH) Reaches New 52-Week High - Here's Why

Key Points

• Toromont Industries Ltd. reached a new 52-week high with its share price hitting C$142.54, closing at C$142.40 on Tuesday.
• Multiple analysts raised their price targets for Toromont, with BMO Capital Markets setting a new target of C$147.00, indicating strong market confidence in the stock.
• The company announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 1.5%, highlighting its commitment to returning value to shareholders.

Toromont Industries Ltd. (TSE:TIH - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as C$142.54 and last traded at C$142.40, with a volume of 167887 shares. The stock had previously closed at C$140.49.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group cut their target price on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. BMO Capital Markets increased their price objective on shares of Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday, July 30th. 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. National Bankshares increased their price objective on shares of Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, Scotiabank increased 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 research report on Thursday, July 31st. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of C$140.50.

Toromont Industries Trading Down 0.1%

The stock has a market capitalization of C$11.49 billion, a PE ratio of 22.88, a PEG ratio of 3.72 and a beta of 0.68. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The business's 50-day moving average is C$127.03 and its two-hundred day moving average is C$120.10.

Toromont Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 5th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.5%. Toromont Industries's dividend payout ratio (DPR) is presently 31.18%.

Insider Activity at Toromont Industries

In related news, Senior Officer Jennifer Cochrane sold 5,000 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of C$120.00, for a total value of C$600,000.00. Also, Director David Allan Malinauskas sold 250 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of C$118.71, for a total transaction of C$29,677.50. Following the completion of the sale, the director directly owned 600 shares of the company's stock, valued at approximately C$71,226. This trade represents a 29.41% decrease in their ownership of the stock. Insiders sold a total of 15,450 shares of company stock valued at $1,818,938 over the last ninety days. Insiders own 0.27% of the company's stock.

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.