Toromont Industries (TSE:TIH) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Toromont Industries Ltd. (TSE:TIH) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$170.27 and traded as high as C$196.50. Toromont Industries shares last traded at C$192.66, with a volume of 232,962 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Toromont Industries from C$196.00 to C$210.00 in a report on Thursday, February 12th. Royal Bank Of Canada increased their price objective on shares of Toromont Industries from C$180.00 to C$207.00 in a research note on Thursday, February 12th. Canaccord Genuity Group lifted their target price on shares of Toromont Industries from C$172.00 to C$200.00 in a research report on Friday, February 13th. Scotiabank boosted their target price on Toromont Industries from C$181.00 to C$208.00 in a research note on Wednesday, February 18th. Finally, Raymond James Financial upped their target price on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and a consensus target price of C$198.63.

Toromont Industries Stock Down 1.8%

The stock has a 50 day moving average price of C$191.29 and a 200 day moving average price of C$170.27. The company has a debt-to-equity ratio of 25.87, a quick ratio of 1.38 and a current ratio of 2.93. The company has a market capitalization of C$15.69 billion, a P/E ratio of 31.74, a PEG ratio of 3.72 and a beta of 0.89.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, February 10th. The company reported C$1.92 earnings per share for the quarter. Toromont Industries had a net margin of 9.54% and a return on equity of 15.97%. The company had revenue of C$1.42 billion during the quarter. Equities research analysts forecast that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Thursday, April 2nd will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Toromont Industries’s previous quarterly dividend of $0.52. Toromont Industries’s payout ratio is currently 34.27%.

Insider Activity

In other news, Director David Allan Malinauskas sold 972 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total transaction of C$195,955.20. 0.27% of the stock is currently owned by insiders.

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.