Toromont Industries (TSE:TIH) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Toromont Industries Ltd. (TSE:TIH)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$131.84 and traded as high as C$161.25. Toromont Industries shares last traded at C$160.04, with a volume of 104,073 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TIH. BMO Capital Markets upped their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. TD Securities upped their target price on shares of Toromont Industries from C$154.00 to C$179.00 in a research note on Friday, October 17th. CIBC upped their target price on shares of Toromont Industries from C$148.00 to C$168.00 and gave the company a “neutral” rating in a research note on Monday. National Bankshares upped their target price on shares of Toromont Industries from C$140.00 to C$164.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, Raymond James Financial upped their target price on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a “market perform” rating in a research note 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$153.00.

Toromont Industries Stock Down 0.4%

The firm’s 50 day simple moving average is C$150.34 and its 200 day simple moving average is C$131.84. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The company has a market cap of C$13.02 billion, a price-to-earnings ratio of 27.08, a price-to-earnings-growth ratio of 3.72 and a beta of 0.64.

Toromont Industries Dividend Announcement

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

Insider Buying and Selling

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

About Toromont Industries

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.