Toromont Industries (OTCMKTS:TMTNF) Stock Price Passes Above Fifty Day Moving Average – Here’s Why

Toromont Industries Ltd. (OTCMKTS:TMTNF)’s stock price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $161.32 and traded as high as $165.31. Toromont Industries shares last traded at $165.00, with a volume of 9,768 shares trading hands.

Analysts Set New Price Targets

TMTNF has been the topic of several recent research reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Toromont Industries in a report on Wednesday, July 8th. TD Securities reissued a “buy” rating on shares of Toromont Industries in a research report on Monday, May 4th. BMO Capital Markets restated an “outperform” rating on shares of Toromont Industries in a research note on Wednesday, April 29th. Raymond James Financial raised shares of Toromont Industries to a “market perform” rating in a report on Thursday, June 18th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Toromont Industries in a research note on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Toromont Industries Price Performance

The stock has a fifty day simple moving average of $161.42 and a 200-day simple moving average of $148.68. The company has a market capitalization of $13.35 billion and a PE ratio of 74.76. The company has a current ratio of 2.93, a quick ratio of 1.86 and a debt-to-equity ratio of 0.26.

Toromont Industries (OTCMKTS:TMTNF) last issued its earnings results on Tuesday, April 28th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. The business had revenue of $895.28 million for the quarter, compared to analyst estimates of $842.94 million. Toromont Industries had a return on equity of 16.35% and a net margin of 9.63%.

About Toromont Industries

Toromont Industries Ltd. is a Canadian diversified industrial equipment and services company. Through its Toromont CAT division, it serves as a major dealer for Caterpillar machinery, offering sales, rentals, parts and service support for a wide range of heavy-duty equipment. Products include earth-moving, paving and compaction machinery, material handling equipment and power generation systems tailored to the needs of construction, mining, forestry, marine and energy sectors.

The company’s CIMCO Refrigeration business provides design-build, installation and maintenance of industrial and commercial refrigeration systems.