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

Key Points

• Crossed above its 200-day moving average: Toromont climbed past its two hundred day MA of C$170.27, trading as high as C$196.50 and last at C$192.66 on volume of 232,962 shares, a bullish technical signal.
• Analysts have been raising targets (RBC C$207, BMO C$210, TD C$228), leaving a consensus Moderate Buy with an average price target of C$198.63.
• Solid fundamentals and shareholder returns: quarterly EPS of C$1.92 on C$1.42B revenue, market cap ~C$15.7B, and a raised quarterly dividend of C$0.56 (annualized C$2.24, yield 1.2%).

Toromont Industries Ltd. (TSE:TIH - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$170.27 and traded as high as C$196.50. Toromont Industries shares last traded at C$192.66, with a volume of 232,962 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Canadian Imperial Bank of Commerce raised their target price on Toromont Industries from C$172.00 to C$180.00 in a research note on Friday, February 6th. Royal Bank Of Canada upped their price target on Toromont Industries from C$180.00 to C$207.00 in a research note on Thursday, February 12th. BMO Capital Markets increased their price target on Toromont Industries from C$196.00 to C$210.00 in a report on Thursday, February 12th. TD Securities raised their price objective on Toromont Industries from C$195.00 to C$228.00 and gave the company a "buy" rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial boosted their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Toromont Industries has a consensus rating of "Moderate Buy" and an average price target of C$198.63.

Toromont Industries Stock Performance

The firm has a market cap of C$15.69 billion, a P/E ratio of 31.74, a PEG ratio of 3.72 and a beta of 0.89. The company has a current ratio of 2.93, a quick ratio of 1.38 and a debt-to-equity ratio of 25.87. The company's 50-day moving average is C$191.29 and its two-hundred day moving average is C$170.27.

Toromont Industries (TSE:TIH - Get Free Report) last issued its quarterly earnings data on Tuesday, February 10th. The company reported C$1.92 EPS for the quarter. The firm had revenue of C$1.42 billion during the quarter. Toromont Industries had a return on equity of 15.97% and a net margin of 9.54%. As a group, equities analysts predict that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Thursday, April 2nd will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.2%. This is an increase from Toromont Industries's previous quarterly dividend of $0.52. The ex-dividend date is Friday, March 6th. Toromont Industries's dividend payout ratio is currently 34.27%.

Insider Buying and Selling

In related news, Director David Allan Malinauskas sold 972 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of C$201.60, for a total value of C$195,955.20. Insiders own 0.27% of the company's stock.

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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.

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