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

Key Points

• Toromont Industries shares crossed above their 200-day moving average, reaching C$220.53 and closing at C$219.75, compared with the moving average of C$210.37.
• Analyst sentiment is positive: seven analysts rate the stock Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and an average target price of C$246.89.
• The company reported quarterly revenue of C$1.60 billion and EPS of C$2.20, while maintaining a quarterly dividend of C$0.56 per share, or C$2.24 annually, for a 1.0% yield.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$210.37 and traded as high as C$220.53. Toromont Industries shares last traded at C$219.75, with a volume of 154,269 shares traded.

Analyst Ratings Changes

TIH has been the subject of several research reports. Scotia lifted their target price on Toromont Industries from C$208.00 to C$229.00 and gave the company a "sector perform" rating in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce upped their price target on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. National Bank Financial raised their price target on Toromont Industries from C$259.00 to C$261.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Scotiabank raised Toromont Industries from a "hold" rating to an "outperform" rating and boosted their price objective for the stock from C$238.00 to C$239.00 in a report on Thursday, July 30th. Finally, BMO Capital Markets raised their target price on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Toromont Industries presently has a consensus rating of "Moderate Buy" and an average target price of C$246.89.

Toromont Industries Stock Down 0.3%

The firm's 50-day simple moving average is C$223.65 and its 200 day simple moving average is C$210.37. The company has a debt-to-equity ratio of 24.76, a quick ratio of 1.38 and a current ratio of 2.73. The company has a market cap of C$17.92 billion, a P/E ratio of 34.99, a PEG ratio of 3.72 and a beta of 0.97.

Toromont Industries (TSE:TIH - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%.The business had revenue of C$1.60 billion for the quarter. On average, research analysts forecast that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.56 per share. The ex-dividend date was Friday, June 5th. This represents a $2.24 dividend on an annualized basis and a yield of 1.0%. Toromont Industries's dividend payout ratio (DPR) is 34.39%.

Toromont Industries Company Profile

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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