Toromont Industries (TSE:TIH) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Toromont Industries shares moved above their 200-day moving average, reaching C$216.83 before closing at C$209.99 on trading volume of 260,268 shares.
• Analysts remain broadly positive, with seven Buy ratings and two Holds; the consensus rating is “Moderate Buy” and the average price target is C$246.89.
• The company reported quarterly earnings of C$2.20 per share on C$1.60 billion in revenue and maintains a quarterly dividend of C$0.56, equivalent to an annualized C$2.24 payout and a 1.1% yield.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$211.88 and traded as high as C$216.83. Toromont Industries shares last traded at C$209.99, with a volume of 260,268 shares trading hands.

Analyst Upgrades and Downgrades

TIH has been the topic of several recent analyst reports. Scotia lifted their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the stock a "sector perform" rating in a research report on Thursday, April 30th. Canadian Imperial Bank of Commerce increased their price target on Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday, July 30th. Scotiabank upgraded Toromont Industries from a "hold" rating to an "outperform" rating and lifted their price target for the stock from C$238.00 to C$239.00 in a report on Thursday, July 30th. Royal Bank Of Canada lifted their price target on Toromont Industries from C$256.00 to C$265.00 and gave the stock an "outperform" rating in a report on Thursday, July 30th. Finally, Canaccord Genuity Group boosted their price objective on Toromont Industries from C$240.00 to C$260.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of C$246.89.

Toromont Industries Trading Down 3.2%

The firm has a market cap of C$17.13 billion, a P/E ratio of 33.44, a price-to-earnings-growth ratio of 3.72 and a beta of 0.97. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. The firm's 50-day simple moving average is C$222.80 and its 200 day simple moving average is C$211.88.

Toromont Industries (TSE:TIH - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. The firm had revenue of C$1.60 billion for the quarter. As a group, analysts expect that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, July 2nd were paid a $0.56 dividend. The ex-dividend date was Friday, June 5th. This represents a $2.24 annualized dividend and a yield of 1.1%. Toromont Industries's dividend payout ratio is presently 34.39%.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.

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