Toromont Industries (TSE:TIH) Reaches New 52-Week High – What’s Next?

Toromont Industries Ltd. (TSE:TIH)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$156.71 and last traded at C$155.68, with a volume of 22928 shares traded. The stock had previously closed at C$154.97.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TIH. TD Securities raised their price target on Toromont Industries from C$153.00 to C$154.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. BMO Capital Markets raised their price target on Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. Scotiabank lifted their price objective on Toromont Industries from C$132.00 to C$140.00 and gave the company a “sector perform” rating in a research note on Thursday, July 31st. National Bankshares lifted their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, CIBC lifted their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$143.50.

Toromont Industries Stock Up 0.5%

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 firm has a fifty day simple moving average of C$145.56 and a 200-day simple moving average of C$127.95. The company has a market capitalization of C$12.67 billion, a PE ratio of 26.35, a P/E/G ratio of 3.72 and a beta of 0.65.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, September 5th. Toromont Industries’s payout ratio is 33.84%.

Insider Buying and Selling

In other news, insider Mike Cuddy sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the completion of the sale, the insider directly owned 36,955 shares in the company, valued at approximately C$5,395,430. The trade was a 16.87% decrease in their position. Also, Director David Allan Malinauskas sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total value of C$876,600.00. 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.