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

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$116.69 and traded as high as C$124.58. Toromont Industries shares last traded at C$124.45, with a volume of 126,767 shares.

Wall Street Analysts Forecast Growth

TIH has been the subject of a number of research reports. Raymond James Financial cut their price objective 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. CIBC cut their price target on shares of Toromont Industries from C$130.00 to C$120.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. TD Securities decreased their price objective on Toromont Industries from C$143.00 to C$136.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Scotiabank dropped their target price on Toromont Industries from C$133.50 to C$128.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Finally, BMO Capital Markets reduced their price target on Toromont Industries from C$130.00 to C$128.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$129.63.

Toromont Industries Stock Performance

The business has a fifty day moving average of C$118.24 and a 200-day moving average of C$116.77. The company has a market cap of C$10.19 billion, a PE ratio of 20.29, a P/E/G ratio of 3.72 and a beta of 0.68. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04.

Toromont Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Thursday, July 3rd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Friday, June 6th. Toromont Industries's payout ratio is currently 31.18%.

Insider Activity at Toromont Industries

In other news, Senior Officer Mike Cuddy sold 5,000 shares of Toromont Industries stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of C$117.10, for a total transaction of C$585,500.00. Also, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of C$120.00, for a total transaction of C$600,000.00. Insiders have sold a total of 15,450 shares of company stock valued at $1,818,938 over the last quarter. Company insiders own 0.27% of the company's stock.

Toromont Industries Company Profile

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.