Toromont Industries (TSE:TIH) Reaches New 1-Year High – Here’s Why

Toromont Industries Ltd. (TSE:TIH)’s stock price reached a new 52-week high on Monday . The company traded as high as C$171.14 and last traded at C$170.72, with a volume of 17270 shares changing hands. The stock had previously closed at C$167.81.

Wall Street Analysts Forecast Growth

TIH has been the topic of several analyst reports. Canaccord Genuity Group lifted their target price on shares of Toromont Industries from C$160.00 to C$172.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Royal Bank Of Canada increased their target price on Toromont Industries from C$151.00 to C$180.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Raymond James Financial raised their price target on Toromont Industries from C$125.00 to C$150.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. National Bankshares upped their price objective on Toromont Industries from C$164.00 to C$176.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Finally, CIBC raised their target price on Toromont Industries from C$168.00 to C$172.00 and gave the company a “neutral” rating in a report on Monday, November 3rd. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$172.88.

Toromont Industries Stock Performance

The firm has a fifty day moving average of C$163.25 and a 200-day moving average of C$149.43. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The stock has a market capitalization of C$13.77 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 3.72 and a beta of 0.58.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Thursday, October 30th. The company reported C$1.72 earnings per share for the quarter. The business had revenue of C$1.31 billion during the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%. As a group, sell-side analysts anticipate that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Monday, January 5th will be given a $0.52 dividend. The ex-dividend date is Friday, December 5th. This represents a $2.08 annualized dividend and a dividend yield of 1.2%. Toromont Industries’s dividend payout ratio is currently 33.72%.

Insider Buying and Selling at Toromont Industries

In related news, insider Jennifer Cochrane sold 5,000 shares of Toromont Industries stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of C$165.00, for a total transaction of C$825,000.00. Following the completion of the transaction, the insider directly owned 12,012 shares in the company, valued at C$1,981,980. The trade was a 29.39% decrease in their position. 0.27% of the stock is currently owned by company insiders.

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.