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Toromont Industries (TSE:TIH) Sets New 1-Year High - Here's What Happened

Toromont Industries logo with Industrials background

Key Points

  • Toromont Industries Ltd. shares reached a new 52-week high of C$158.43, closing at C$158.38 with a trading volume of 161,964 shares.
  • Analysts have raised price targets for Toromont Industries, with BMO Capital Markets increasing their target from C$140.00 to C$147.00 and a consensus price target now at C$143.50.
  • The company announced a quarterly dividend of $0.52 per share, representing an annualized yield of 1.3%, with a payout ratio of 33.84%.
  • Five stocks to consider instead of Toromont Industries.

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as C$158.43 and last traded at C$158.38, with a volume of 161964 shares. The stock had previously closed at C$156.94.

Analysts Set New Price Targets

TIH has been the topic of several research reports. BMO Capital Markets upped their target price on Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday, July 30th. Raymond James Financial increased their target price on Toromont Industries from C$122.00 to C$125.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. TD Securities increased their target price on Toromont Industries from C$153.00 to C$154.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. 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. Finally, Scotiabank raised their price objective on Toromont Industries from C$132.00 to C$140.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of C$143.50.

Get Our Latest Research Report on TIH

Toromont Industries Price Performance

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 firm has a market capitalization of C$12.89 billion, a P/E ratio of 26.80, a price-to-earnings-growth ratio of 3.72 and a beta of 0.64. The company has a 50-day moving average price of C$146.93 and a 200-day moving average price of C$128.74.

Toromont Industries Announces Dividend

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

Insider Activity

In related news, insider Mike Cuddy sold 7,500 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the sale, the insider owned 36,955 shares in the company, valued at approximately C$5,395,430. This represents a 16.87% decrease in their ownership of the stock. Also, Director David Allan Malinauskas sold 6,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Corporate insiders own 0.27% of the company's stock.

Toromont Industries Company Profile

(Get Free Report)

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.

See Also

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