Toromont Industries (TSE:TIH) Share Price Passes Above 200-Day Moving Average After Insider Selling

Toromont Industries Ltd. (TSE:TIH)’s share price crossed above its 200-day moving average during trading on Wednesday following insider buying activity. The stock has a 200-day moving average of C$115.88 and traded as high as C$122.14. Toromont Industries shares last traded at C$121.91, with a volume of 177,235 shares traded.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TIH. Raymond James reduced their target price on Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating on the stock in a report on Friday, May 2nd. National Bankshares upped their price target on Toromont Industries from C$126.00 to C$133.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. TD Securities cut their target price on Toromont Industries from C$143.00 to C$136.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Canaccord Genuity Group cut their price target on Toromont Industries from C$134.00 to C$131.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, Scotiabank decreased their price target on shares of Toromont Industries from C$133.50 to C$128.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$129.63.

Toromont Industries Stock Up 0.0%

The firm’s 50-day moving average price is C$115.58 and its 200 day moving average price is C$115.88. The firm has a market capitalization of C$9.94 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38.

Toromont Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Thursday, July 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Friday, June 6th. This represents a $2.08 dividend on an annualized basis and a yield of 1.71%. Toromont Industries’s dividend payout ratio (DPR) is currently 31.18%.

Toromont Industries Company Profile

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.