Toromont Industries (TSE:TIH) Reaches New 12-Month High – Time to Buy?

Toromont Industries Ltd. (TSE:TIH)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as C$237.00 and last traded at C$232.60, with a volume of 41802 shares traded. The stock had previously closed at C$205.71.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Canaccord Genuity Group upgraded Toromont Industries from a “hold” rating to a “buy” rating and upped their price objective for the company from C$200.00 to C$235.00 in a research note on Monday, April 27th. BMO Capital Markets lifted their target price on Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. National Bank Financial boosted their price target on Toromont Industries from C$214.00 to C$216.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. Raymond James Financial upped their price target 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. Finally, Scotiabank lifted their price objective on shares of Toromont Industries from C$181.00 to C$208.00 in a report on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of C$216.44.

Toromont Industries Trading Up 16.8%

The company has a debt-to-equity ratio of 25.19, a quick ratio of 1.38 and a current ratio of 3.17. The stock has a market cap of C$19.59 billion, a price-to-earnings ratio of 38.19, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98. The company’s 50 day simple moving average is C$215.84 and its two-hundred day simple moving average is C$194.57.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 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%. Research analysts expect that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Thursday, July 2nd will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Toromont Industries’s 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.