Toromont Industries (TSE:TIH) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$124.97 and traded as high as C$133.82. Toromont Industries shares last traded at C$132.32, with a volume of 102,430 shares changing hands.

Wall Street Analysts Forecast Growth

TIH has been the topic of several recent research reports. TD Securities upped their price target on Toromont Industries from C$140.00 to C$150.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. National Bankshares increased their target price on Toromont Industries from C$132.00 to C$135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. BMO Capital Markets raised their price target on Toromont Industries from C$136.00 to C$143.00 in a report on Friday. Scotiabank set a C$136.00 price target on shares of Toromont Industries and gave the stock a “sector perform” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada raised their price objective on shares of Toromont Industries from C$137.00 to C$142.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of C$138.00.

Toromont Industries Stock Up 1.1 %

The company has a market cap of C$10.94 billion, a PE ratio of 21.31, a PEG ratio of 3.72 and a beta of 0.68. The company has a quick ratio of 1.38, a current ratio of 2.64 and a debt-to-equity ratio of 24.08. The company’s fifty day moving average is C$126.48 and its 200-day moving average is C$125.00.

Toromont Industries (TSE:TIH) last released its quarterly earnings results on Tuesday, July 30th. The company reported C$1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$1.53 by C$0.11. The firm had revenue of C$1.36 billion for the quarter, compared to the consensus estimate of C$1.19 billion. Toromont Industries had a return on equity of 19.65% and a net margin of 10.86%. On average, analysts predict that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 2nd. Stockholders of record on Wednesday, October 2nd were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, September 6th. Toromont Industries’s payout ratio is currently 30.62%.

Insider Transactions at Toromont Industries

In other Toromont Industries news, Director Peter James Blake bought 300 shares of Toromont Industries stock in a transaction on Friday, August 2nd. The stock was acquired at an average cost of C$122.53 per share, with a total value of C$36,758.01. In related news, Director Peter James Blake bought 300 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of C$122.53 per share, for a total transaction of C$36,758.01. Also, Senior Officer Miles Sean Ryan Gregg sold 600 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of C$125.19, for a total value of C$75,114.00. Insiders have sold 5,500 shares of company stock worth $677,864 in the last quarter. Company insiders own 0.27% of the company’s stock.

About Toromont Industries

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.