Toromont Industries (TSE:TIH) Sets New 12-Month High - Still a Buy?

Key Points

• Toromont Industries Ltd. reached a new 52-week high with shares trading at C$145.53, indicating strong market performance and increased investor interest.
• Multiple brokerages, including BMO Capital Markets and CIBC, have recently raised their price targets for Toromont Industries, with an average consensus price target now at C$140.50.
• The company declared a quarterly dividend of $0.52 per share, set to be paid on October 3rd, which translates to an annual yield of 1.4% and a payout ratio of 33.84%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price hit a new 52-week high on Tuesday . The stock traded as high as C$145.51 and last traded at C$145.53, with a volume of 81056 shares trading hands. The stock had previously closed at C$144.61.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TIH shares. National Bankshares upped their target price on Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. 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. BMO Capital Markets raised their price target on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. Raymond James Financial lifted 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. Finally, TD Securities lifted their target price on Toromont Industries from C$153.00 to C$154.00 and gave the stock 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, Toromont Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of C$140.50.

Toromont Industries Stock Down 0.5%

The company has a market capitalization of C$11.94 billion, a price-to-earnings ratio of 24.89, a P/E/G ratio of 3.72 and a beta of 0.65. The firm's fifty day moving average price is C$138.45 and its 200-day moving average price is C$124.22. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38.

Toromont Industries Announces Dividend

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

Insider Activity at Toromont Industries

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

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.