Toromont Industries (TSE:TIH) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of Toromont Industries Ltd. (TSE:TIH) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$194.57 and traded as high as C$215.70. Toromont Industries shares last traded at C$205.71, with a volume of 344,201 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the company. BMO Capital Markets lifted their price target on Toromont Industries from C$215.00 to C$228.00 in a research note on Wednesday, April 29th. Scotiabank lifted their target price on Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Canaccord Genuity Group raised Toromont Industries from a “hold” rating to a “buy” rating and lifted their target price for the company from C$200.00 to C$235.00 in a research report on Monday, April 27th. Scotia lifted their target price on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. Finally, Raymond James Financial lifted their target price on Toromont Industries from C$180.00 to C$190.00 and gave the company a “market perform” rating in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$216.44.

Toromont Industries Price Performance

The firm has a market cap of C$16.77 billion, a P/E ratio of 32.70, a PEG ratio of 3.72 and a beta of 0.98. The business has a fifty day moving average of C$215.84 and a 200 day moving average of C$194.57. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. The business had revenue of C$1.23 billion during the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. On average, sell-side analysts anticipate that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, June 5th. This represents a $2.24 annualized dividend and a yield of 1.1%. Toromont Industries’s dividend payout ratio is presently 33.70%.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory – spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.