Toromont Industries (TSE:TIH) Sets New 1-Year High on Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH) hit a new 52-week high during trading on Wednesday after TD Securities raised their price target on the stock from C$195.00 to C$228.00. TD Securities currently has a buy rating on the stock. Toromont Industries traded as high as C$207.86 and last traded at C$206.52, with a volume of 331529 shares trading hands. The stock had previously closed at C$204.93.

Several other research analysts have also recently issued reports on the stock. Canaccord Genuity Group raised their target price on shares of Toromont Industries from C$172.00 to C$200.00 in a report on Friday, February 13th. Canadian Imperial Bank of Commerce increased their price target on Toromont Industries from C$172.00 to C$180.00 in a research report on Friday, February 6th. National Bank Financial boosted their price objective on Toromont Industries from C$164.00 to C$176.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Raymond James Financial upped their target price on Toromont Industries from C$172.00 to C$180.00 in a research note on Thursday, February 12th. Finally, Royal Bank Of Canada lifted their price target on Toromont Industries from C$180.00 to C$207.00 in a research report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Toromont Industries has a consensus rating of “Moderate Buy” and an average target price of C$194.50.

Insider Activity at Toromont Industries

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

Toromont Industries Trading Up 0.8%

The firm has a market capitalization of C$16.82 billion, a price-to-earnings ratio of 34.02, a P/E/G ratio of 3.72 and a beta of 0.52. 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 company has a 50 day moving average price of C$174.94 and a two-hundred day moving average price of C$161.33.

Toromont Industries (TSE:TIH) last released its quarterly earnings results on Tuesday, February 10th. The company reported C$1.92 earnings per share (EPS) for the quarter. The firm had revenue of C$1.42 billion for the quarter. Toromont Industries had a net margin of 10.09% and a return on equity of 17.74%. On average, research analysts forecast that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Monday, January 5th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. Toromont Industries’s payout ratio is currently 34.27%.

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