Toromont Industries (TSE:TIH) Sets New 52-Week High After Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH) reached a new 52-week high during trading on Friday after CIBC World Markets raised their price target on the stock from C$172.00 to C$180.00. The company traded as high as C$185.17 and last traded at C$184.15, with a volume of 55447 shares traded. The stock had previously closed at C$181.19.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group lifted their price target on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Royal Bank Of Canada raised their price objective on shares of Toromont Industries from C$151.00 to C$180.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. TD Securities upped their target price on shares of Toromont Industries from C$180.00 to C$195.00 in a research note on Wednesday. Canadian Imperial Bank of Commerce increased their price target on shares of Toromont Industries from C$172.00 to C$180.00 in a research report on Friday. Finally, Raymond James Financial upped their price objective on Toromont Industries from C$125.00 to C$150.00 and gave the company a “market perform” rating in a research note on Monday, November 3rd. Five equities research 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 company currently has an average rating of “Moderate Buy” and an average target price of C$176.22.

Insiders Place Their Bets

In other Toromont Industries news, insider Jennifer Cochrane sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of C$165.00, for a total value of C$825,000.00. Following the transaction, the insider owned 12,012 shares of the company’s stock, valued at C$1,981,980. This trade represents a 29.39% decrease in their ownership of the stock. 0.27% of the stock is currently owned by company insiders.

Toromont Industries Price Performance

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 stock has a market capitalization of C$15.03 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 3.72 and a beta of 0.52. The business’s 50 day simple moving average is C$170.21 and its 200-day simple moving average is C$158.16.

Toromont Industries (TSE:TIH) last released its quarterly earnings results on Thursday, October 30th. The company reported C$1.72 earnings per share for the quarter. The company had revenue of C$1.31 billion for the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%. Research analysts anticipate that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Monday, January 5th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, December 5th. Toromont Industries’s payout ratio is 33.72%.

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.