Toromont Industries (TSE:TIH) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

Toromont Industries Ltd. (TSE:TIH - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$117.20 and traded as high as C$128.36. Toromont Industries shares last traded at C$128.00, with a volume of 111,376 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group decreased their price objective on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Raymond James Financial cut their target price on shares of Toromont Industries from C$130.00 to C$122.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. TD Securities cut their target price on shares of Toromont Industries from C$143.00 to C$136.00 and set a "buy" rating for the company in a research report on Monday, May 5th. CIBC cut their target price 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. Finally, BMO Capital Markets cut 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 equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$129.63.

Toromont Industries Stock Performance

The business's 50-day moving average price is C$119.66 and its 200-day moving average price is C$117.31. 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 cap of C$10.51 billion, a P/E ratio of 20.92, a P/E/G ratio of 3.72 and a beta of 0.68.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Thursday, July 3rd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, June 6th. Toromont Industries's payout ratio is 31.18%.

Insider Buying and Selling at Toromont Industries

In related news, Senior Officer Mike Cuddy sold 5,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of C$117.10, for a total value of C$585,500.00. Also, Senior Officer Jennifer Cochrane sold 5,000 shares of the company's stock in a transaction 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. In the last 90 days, insiders sold 15,450 shares of company stock worth $1,818,938. 0.27% of the stock is currently owned by insiders.

Toromont Industries Company Profile

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.