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

Shares of Toromont Industries Ltd. (TSE:TIH) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$129.31 and traded as high as C$158.00. Toromont Industries shares last traded at C$157.24, with a volume of 82,738 shares trading hands.

Wall Street Analysts Forecast Growth

TIH has been the topic of a number of analyst reports. BMO Capital Markets lifted their price objective on Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday, July 30th. National Bankshares lifted their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Scotiabank lifted their price objective on Toromont Industries from C$132.00 to C$140.00 and gave the company a “sector perform” rating in a research report on Thursday, July 31st. TD Securities lifted their price objective on Toromont Industries from C$153.00 to C$154.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, CIBC lifted their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$143.50.

Toromont Industries Trading Up 0.4%

The stock has a fifty day moving average of C$147.59 and a 200 day moving average of C$129.31. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37. The company has a market capitalization of C$12.79 billion, a PE ratio of 26.61, a PEG ratio of 3.72 and a beta of 0.64.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, October 3rd were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. Toromont Industries’s payout ratio is currently 33.84%.

Insider Buying and Selling

In other news, insider Mike Cuddy sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the sale, the insider directly owned 36,955 shares of the company’s stock, valued at C$5,395,430. This represents a 16.87% decrease in their position. Also, Director David Allan Malinauskas sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. 0.27% of the stock is currently owned by insiders.

Toromont Industries Company Profile

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.