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

Key Points

• Toromont Industries Ltd. (TSE:TIH) stock surpassed its 200-day moving average, reaching a high of C$143.45, indicating potential bullish momentum.
• Equities research analysts have raised their target prices for Toromont, with BMO Capital Markets increasing it to C$147.00 and TD Securities to C$154.00, suggesting confident market sentiment.
• The company announced a quarterly dividend of $0.52 per share, representing a 1.5% yield, with a dividend payout ratio of 31.18% as of the latest report.

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$121.49 and traded as high as C$143.45. Toromont Industries shares last traded at C$142.99, with a volume of 61,149 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on TIH shares. Canaccord Genuity Group lowered their price objective on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. CIBC upped their price objective on shares of Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. National Bankshares upped their price objective on shares of Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Raymond James Financial upped their price objective on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. Finally, TD Securities upped their price objective on shares of Toromont Industries from C$153.00 to C$154.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$140.50.

Toromont Industries Trading Up 0.6%

The company has a market capitalization of C$11.78 billion, a P/E ratio of 23.45, a P/E/G ratio of 3.72 and a beta of 0.68. The stock's 50 day moving average is C$132.94 and its 200-day moving average is C$122.26. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38.

Toromont Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 5th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.4%. Toromont Industries's payout ratio is currently 31.18%.

Insider Transactions at Toromont Industries

In related news, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of C$120.00, for a total value of C$600,000.00. 0.27% of the stock is currently owned by 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.