Toromont Industries (TSE:TIH) Sets New 52-Week High After Analyst Upgrade

Toromont Industries Ltd. (TSE:TIH) shares hit a new 52-week high during trading on Friday after CIBC raised their price target on the stock from C$172.00 to C$180.00. The stock traded as high as C$185.17 and last traded at C$184.15, with a volume of 55447 shares trading hands. The stock had previously closed at C$181.19.

Several other research firms also recently commented on TIH. TD Securities lifted their price objective on Toromont Industries from C$180.00 to C$195.00 in a report on Wednesday. Royal Bank Of Canada raised their price target on shares of Toromont Industries from C$151.00 to C$180.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. BMO Capital Markets boosted their price objective on shares of Toromont Industries to C$178.00 in a report on Friday, October 31st. Canaccord Genuity Group upped 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. Finally, Scotiabank lifted their target price on Toromont Industries from C$171.00 to C$175.00 and gave the company a “sector perform” rating in a research report on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$175.75.

Insiders Place Their Bets

In other Toromont Industries news, insider Jennifer Cochrane sold 5,000 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of C$165.00, for a total value of C$825,000.00. Following the completion of the sale, the insider owned 12,012 shares in the company, valued at approximately C$1,981,980. This represents a 29.39% decrease in their position. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Stock Up 1.6%

The business has a 50-day moving average price of C$169.78 and a 200 day moving average price of C$157.57. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The stock has a market capitalization of C$14.97 billion, a P/E ratio of 30.42, a P/E/G ratio of 3.72 and a beta of 0.52.

Toromont Industries (TSE:TIH) last released its quarterly earnings results on Thursday, October 30th. The company reported C$1.72 earnings per share (EPS) for the quarter. Toromont Industries had a net margin of 10.09% and a return on equity of 17.74%. The company had revenue of C$1.31 billion for the quarter. On average, equities analysts expect that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Monday, January 5th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.1%. Toromont Industries’s dividend payout ratio (DPR) is presently 33.72%.

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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.