Toromont Industries (TSE:TIH) Stock Price Passes Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Toromont Industries shares surpassed their 200-day moving average, reaching a trading high of C$145.63, with the last trade recorded at C$143.59.
• Analyst ratings for Toromont suggest a consensus of "Moderate Buy" with a target price averaging C$140.50, following various upgrades and downgrades by multiple equity analysts.
• The company announced a quarterly dividend of $0.52 per share, with the ex-dividend date set for September 5th, representing a dividend yield of 1.4%.

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$122.63 and traded as high as C$145.63. Toromont Industries shares last traded at C$143.59, with a volume of 112,541 shares trading hands.

Analysts Set New Price Targets

TIH has been the topic of a number of recent research reports. CIBC upped their target price on Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. TD Securities upped 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. BMO Capital Markets upped their target price on Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. Scotiabank upped their target price on Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Finally, Raymond James Financial upped 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Toromont Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of C$140.50.

Toromont Industries Trading Up 0.2%

The company has a market cap of C$11.61 billion, a PE ratio of 24.20, a price-to-earnings-growth ratio of 3.72 and a beta of 0.70. The business has a 50 day simple moving average of C$135.73 and a two-hundred day simple moving average of C$123.22. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04.

Toromont Industries Announces Dividend

The company also recently announced 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. This represents a $2.08 annualized dividend and a dividend yield of 1.5%. 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, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of C$120.00, for a total value of C$600,000.00. Company insiders own 0.27% of the company's stock.

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.