Toromont Industries (TSE:TIH) Shares Pass Above 200-Day Moving Average Following Insider Selling

Toromont Industries Ltd. (TSE:TIH - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday after an insider bought additional shares in the company. The stock has a two hundred day moving average of C$115.88 and traded as high as C$122.14. Toromont Industries shares last traded at C$121.91, with a volume of 177,235 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TIH. 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 on the stock in a research report on Friday, May 2nd. CIBC lowered their price objective on shares of Toromont Industries from C$130.00 to C$120.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. TD Securities lowered their price objective on shares of Toromont Industries from C$143.00 to C$136.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Scotiabank lowered 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 report on Friday, May 2nd. Finally, BMO Capital Markets decreased their target price on shares of Toromont Industries from C$130.00 to C$128.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Three research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$129.63.

Toromont Industries Stock Down 0.3%

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 stock has a market capitalization of C$9.91 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 3.72 and a beta of 0.68. The firm's fifty day simple moving average is C$116.06 and its 200 day simple moving average is C$115.96.

Toromont Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Thursday, July 3rd will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, June 6th. This represents a $2.08 dividend on an annualized basis and a yield of 1.71%. Toromont Industries's payout ratio is 31.18%.

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.