Toromont Industries (TSE:TIH) Hits New 52-Week High – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as C$226.01 and last traded at C$227.58, with a volume of 66298 shares trading hands. The stock had previously closed at C$223.92.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TIH shares. Raymond James Financial boosted their target price on Toromont Industries from C$180.00 to C$190.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Canaccord Genuity Group upgraded Toromont Industries from a “hold” rating to a “buy” rating and lifted their price target for the stock from C$200.00 to C$235.00 in a report on Monday, April 27th. Canadian Imperial Bank of Commerce boosted their price objective on Toromont Industries from C$172.00 to C$180.00 in a research report on Friday, February 6th. BMO Capital Markets upped their price objective on Toromont Industries from C$215.00 to C$228.00 in a research note on Wednesday, April 29th. Finally, TD Securities raised their target price on Toromont Industries from C$195.00 to C$228.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$216.44.

Toromont Industries Stock Up 1.9%

The stock’s 50-day moving average price is C$211.58 and its two-hundred day moving average price is C$190.78. The company has a current ratio of 3.17, a quick ratio of 1.38 and a debt-to-equity ratio of 25.19. The stock has a market capitalization of C$18.60 billion, a P/E ratio of 36.26, a P/E/G ratio of 3.72 and a beta of 0.96.

Toromont Industries (TSE:TIH) last posted its quarterly earnings data on Tuesday, April 28th. The company reported C$1.13 EPS for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The business had revenue of C$1.23 billion for the quarter. As a group, research analysts expect that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 5th. Toromont Industries’s dividend payout ratio is currently 33.70%.

Insider Buying and Selling at Toromont Industries

In related news, Director David Allan Malinauskas sold 972 shares of Toromont Industries stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of C$201.60, for a total value of C$195,955.20. Insiders own 0.27% of the company’s stock.

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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.