Toromont Industries (TSE:TIH) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Toromont Industries Ltd. (TSE:TIH - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$115.69 and traded as high as C$120.51. Toromont Industries shares last traded at C$119.79, with a volume of 170,586 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Raymond James lowered 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 note on Friday, May 2nd. National Bankshares lifted their price objective on shares of Toromont Industries from C$126.00 to C$133.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Royal Bank of Canada lifted their price target on Toromont Industries from C$138.00 to C$139.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Canaccord Genuity Group cut their price objective on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, CIBC decreased their target price on Toromont Industries from C$130.00 to C$120.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Three 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of C$129.63.

Toromont Industries Stock Down 0.2%

The stock has a market cap 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 quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The business has a 50-day simple moving average of C$114.55 and a 200-day simple moving average of C$115.71.

Toromont Industries Announces Dividend

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 given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, June 6th. Toromont Industries's dividend payout ratio is presently 31.18%.

Insiders Place Their Bets

In other news, Director David Allan Malinauskas sold 250 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$118.71, for a total value of C$29,677.50. Following the completion of the sale, the director now owns 600 shares of the company's stock, valued at approximately C$71,226. This represents a 29.41% decrease in their ownership of the stock. Also, Director Frederick James Mifflin purchased 500 shares of the business's stock in a transaction on Friday, May 2nd. The stock was purchased at an average price of C$110.05 per share, for a total transaction of C$55,025.00. Insiders have sold 15,650 shares of company stock valued at $1,817,192 in the last 90 days. 0.27% of the stock is currently owned by insiders.

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.