Toromont Industries (TSE:TIH) Reaches New 1-Year High - Time to Buy?

Key Points

• Toromont Industries reached a new 52-week high with shares trading at C$156.71, showing increased investor interest with a volume of 22,928 shares.
• Equities analysts have raised their price targets significantly, with National Bankshares setting a new objective at C$164.00 and many others providing a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.52, yielding 1.3%, which will be paid on October 3rd, reflecting its strong financial position with a low debt-to-equity ratio.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as C$156.71 and last traded at C$155.68, with a volume of 22928 shares trading hands. The stock had previously closed at C$154.97.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TIH shares. National Bankshares increased their price objective on shares of Toromont Industries from C$140.00 to C$164.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. CIBC increased their price target on shares of Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. BMO Capital Markets boosted their price objective on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. Raymond James Financial lifted 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, TD Securities upped their price objective on Toromont Industries from C$153.00 to C$154.00 and gave the company a "buy" rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of C$143.50.

Toromont Industries Price Performance

The firm has a market cap of C$12.67 billion, a P/E ratio of 26.35, a PEG ratio of 3.72 and a beta of 0.65. 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 company's 50-day moving average is C$145.11 and its two-hundred day moving average is C$127.60.

Toromont Industries Announces Dividend

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

Insider Buying and Selling at Toromont Industries

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

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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