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

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$116.08 and traded as high as C$119.28. Toromont Industries shares last traded at C$118.79, with a volume of 54,162 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Scotiabank dropped their price objective on shares of Toromont Industries from C$133.50 to C$128.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. CIBC dropped their price target on shares of Toromont Industries from C$130.00 to C$120.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Canaccord Genuity Group dropped their target price on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Raymond James Financial decreased their price target on shares of Toromont Industries from C$130.00 to C$122.00 and set a "market perform" rating on the stock in a research note on Friday, May 2nd. Finally, BMO Capital Markets reduced their target price on shares of Toromont Industries from C$130.00 to C$128.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$129.63.

Toromont Industries Stock Up 1.2%

The firm has a market capitalization of C$9.78 billion, a P/E ratio of 19.48, a PEG ratio of 3.72 and a beta of 0.68. 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 business's fifty day moving average price is C$116.83 and its two-hundred day moving average price is C$116.19.

Toromont Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Thursday, July 3rd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Friday, June 6th. Toromont Industries's dividend payout ratio (DPR) is presently 31.18%.

Insider Buying and Selling

In other Toromont Industries news, Director David Allan Malinauskas sold 250 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of C$118.71, for a total transaction of C$29,677.50. Following the completion of the transaction, the director now directly owns 600 shares of the company's stock, valued at approximately C$71,226. This trade represents a 29.41% decrease in their position. Also, Senior Officer Jennifer Cochrane sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of C$120.00, for a total transaction of C$600,000.00. Insiders sold 15,450 shares of company stock worth $1,818,938 in the last three months. Corporate insiders own 0.27% of the company's stock.

About Toromont Industries

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.