Toromont Industries (TIH) Hits New 1-Year High at $67.64

Shares of Toromont Industries Ltd (TSE:TIH) reached a new 52-week high during trading on Tuesday . The stock traded as high as C$67.64 and last traded at C$67.63, with a volume of 66863 shares. The stock had previously closed at C$67.05.

TIH has been the topic of several analyst reports. CIBC raised their target price on Toromont Industries from C$61.00 to C$64.00 in a report on Thursday, July 26th. TD Securities raised their target price on Toromont Industries from C$67.00 to C$70.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Raymond James raised their target price on Toromont Industries from C$67.00 to C$71.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. BMO Capital Markets set a C$72.00 target price on Toromont Industries and gave the stock an “outperform” rating in a report on Wednesday, July 25th. Finally, Royal Bank of Canada raised their target price on Toromont Industries from C$60.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Thursday, July 26th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of C$67.14.

Toromont Industries (TSE:TIH) last posted its earnings results on Tuesday, July 24th. The company reported C$0.83 EPS for the quarter, topping the consensus estimate of C$0.66 by C$0.17. The firm had revenue of C$961.27 million for the quarter, compared to analyst estimates of C$872.00 million. Toromont Industries had a return on equity of 22.73% and a net margin of 7.19%.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 2nd. Investors of record on Tuesday, October 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, September 6th.

In other Toromont Industries news, Director David Allan Malinauskas sold 12,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of C$66.50, for a total transaction of C$798,000.00. Also, insider David Wetherald sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of C$66.00, for a total value of C$264,000.00. Insiders have sold 24,200 shares of company stock worth $1,606,117 in the last quarter.

Toromont Industries Company Profile (TSE:TIH)

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 is involved in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in a variety of applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.

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