Toromont Industries Ltd. (TSE:TIH) Announces Dividend Increase – $0.56 Per Share

Toromont Industries Ltd. (TSE:TIH) declared a quarterly dividend on Friday, March 6th, TickerTech Dividends reports. Investors of record on Thursday, April 2nd will be given a dividend of 0.56 per share on Thursday, April 2nd. This represents a c) annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, March 6th. This is a 7.7% increase from Toromont Industries’s previous quarterly dividend of $0.52.

Toromont Industries Stock Down 1.6%

Toromont Industries stock opened at C$210.32 on Wednesday. The company’s 50-day moving average is C$183.42 and its 200-day moving average is C$165.89. The firm has a market capitalization of C$17.13 billion, a PE ratio of 34.65, a P/E/G ratio of 3.72 and a beta of 0.52. The company has a debt-to-equity ratio of 25.87, a current ratio of 2.93 and a quick ratio of 1.38. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$215.58.

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

Analyst Upgrades and Downgrades

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

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.