Toromont Industries (TSE:TIH) Hits New 52-Week High - Still a Buy?

Key Points

• Toromont Industries Ltd. reached a new 52-week high of C$148.28 during mid-day trading, indicating strong market performance.
• Multiple analysts have upgraded their price targets for the stock, with the average target now at C$140.50 and a consensus rating of "Moderate Buy."
• The company declared a quarterly dividend of $0.52 per share, set to be paid on October 3rd, reflecting a dividend yield of 1.4%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$148.28 and last traded at C$148.28, with a volume of 12514 shares. The stock had previously closed at C$147.86.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TIH. CIBC upped their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. TD Securities boosted their target price on shares of Toromont Industries from C$153.00 to C$154.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. 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 report on Thursday, July 31st. Raymond James Financial lifted their target price 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 boosted their target price on 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 given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Toromont Industries currently has a consensus rating of "Moderate Buy" and an average target price of C$140.50.

Toromont Industries Trading Up 1.9%

The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37. The company has a 50 day simple moving average of C$140.81 and a two-hundred day simple moving average of C$125.21. The firm has a market cap of C$12.39 billion, a PE ratio of 25.83, a P/E/G ratio of 3.72 and a beta of 0.65.

Toromont Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.4%. Toromont Industries's dividend payout ratio (DPR) is 33.84%.

Insider Buying and Selling

In other news, Director David Allan Malinauskas sold 6,000 shares of the 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. Also, insider Mike Cuddy sold 7,500 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the completion of the sale, the insider directly owned 36,955 shares of the company's stock, valued at approximately C$5,395,430. This trade represents a 16.87% decrease in their position. 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.