Toromont Industries (TSE:TIH) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Toromont Industries' shares crossed above a significant milestone, trading above its 200-day moving average of C$125.76, reaching a high of C$156.56.
• Equities research analysts have upgraded their price targets for Toromont Industries, with most agencies setting targets between C$140.00 and C$154.00, reflecting positive sentiment about the company's future performance.
• The company declared a quarterly dividend of $0.52 per share, with an ex-dividend date set for September 5th, and currently has a dividend yield of 1.4%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$125.76 and traded as high as C$156.56. Toromont Industries shares last traded at C$149.66, with a volume of 159,531 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TIH shares. CIBC boosted their price target 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. National Bankshares boosted their price objective on Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Raymond James Financial boosted their price objective 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. Scotiabank boosted their price objective 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, TD Securities boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Toromont Industries currently has an average rating of "Moderate Buy" and an average target price of C$140.50.

Toromont Industries Stock Down 3.6%

The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The firm has a market capitalization of C$12.18 billion, a P/E ratio of 25.32, a P/E/G ratio of 3.72 and a beta of 0.65. The company has a 50 day simple moving average of C$141.75 and a two-hundred day simple moving average of C$125.76.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 5th. Toromont Industries's dividend payout ratio is presently 33.84%.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the transaction, the insider owned 36,955 shares of the company's stock, valued at C$5,395,430. This represents a 16.87% decrease in their ownership of the stock. Corporate 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.

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