Toromont Industries (TSE:TIH) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Toromont Industries Ltd. shares surpassed their two hundred day moving average and last traded at C$147.86 with a market cap of C$12.01 billion.
• Analysts have generally given Toromont Industries a consensus rating of "Moderate Buy." Recent price targets range from C$140.00 to C$154.00 from various financial institutions.
• The company has declared a quarterly dividend of $0.52 per share, with an annualized yield of 1.4% and a payout ratio of 33.84%.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$124.43 and traded as high as C$147.93. Toromont Industries shares last traded at C$147.86, with a volume of 105,370 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have commented on TIH. Scotiabank increased their price target on shares of 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. BMO Capital Markets raised their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday, July 30th. Raymond James Financial raised their target price on shares of Toromont Industries from C$122.00 to C$125.00 and gave the stock a "market perform" rating in a research report on Thursday, July 31st. CIBC raised their target price on shares of Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, National Bankshares raised their target price on shares of Toromont Industries from C$130.00 to C$140.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Toromont Industries has a consensus rating of "Moderate Buy" and an average price target of C$140.50.

Toromont Industries Trading Up 1.9%

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 company has a fifty day moving average of C$140.81 and a two-hundred day moving average of C$125.21. The stock has a market capitalization of C$12.39 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 3.72 and a beta of 0.65.

Toromont Industries Dividend Announcement

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

Insiders Place Their Bets

In other Toromont Industries news, insider Mike Cuddy sold 7,500 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the completion of the sale, the insider owned 36,955 shares of the company's stock, valued at approximately C$5,395,430. This trade represents a 16.87% decrease in their ownership of the stock. Also, Director David Allan Malinauskas sold 6,000 shares of the firm's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total value of C$876,600.00. 0.27% of the stock is currently owned by company insiders.

About Toromont Industries

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.