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

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)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as C$142.54 and last traded at C$142.40, with a volume of 167887 shares trading hands. The stock had previously closed at C$140.49.

Analysts Set New Price Targets

Several brokerages recently commented on TIH. National Bankshares boosted their price target on Toromont Industries from C$130.00 to C$140.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. TD Securities upped their price target on Toromont Industries from C$153.00 to C$154.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Raymond James Financial increased their price objective on 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. Canaccord Genuity Group lowered their price target on Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, CIBC lifted their target price 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. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of C$140.50.

Toromont Industries Stock Performance

The stock has a 50 day moving average price of C$126.19 and a two-hundred day moving average price of C$119.79. 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 company has a market cap of C$11.54 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 3.72 and a beta of 0.68.

Toromont Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 5th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.5%. Toromont Industries's dividend payout ratio is currently 31.18%.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 250 shares of the stock in a transaction that occurred 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 owned 600 shares of the company's stock, valued at approximately C$71,226. This represents a 29.41% decrease in their position. Also, Senior Officer Mike Cuddy sold 5,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of C$117.10, for a total transaction of C$585,500.00. In the last 90 days, insiders have sold 15,450 shares of company stock worth $1,818,938. 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.