Toromont Industries (TSE:TIH) Sets New 52-Week High – Time to Buy?

Toromont Industries Ltd. (TSE:TIH) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$219.04 and last traded at C$217.80, with a volume of 206990 shares trading hands. The stock had previously closed at C$217.38.

Analysts Set New Price Targets

A number of research firms recently weighed in on TIH. Raymond James Financial boosted their target price on Toromont Industries from C$180.00 to C$190.00 and gave the stock a “market perform” rating in a report on Thursday, April 30th. BMO Capital Markets increased their price objective on shares of Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. TD Securities upped their target price on Toromont Industries from C$195.00 to C$228.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Scotia upped their price objective on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Finally, Canaccord Genuity Group upgraded Toromont Industries from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$200.00 to C$235.00 in a research report on Monday, April 27th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$216.44.

Toromont Industries Price Performance

The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19. The company’s fifty day moving average price is C$203.67 and its 200 day moving average price is C$182.30. The company has a market capitalization of C$18.15 billion, a P/E ratio of 35.40, a PEG ratio of 3.72 and a beta of 0.96.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The business had revenue of C$1.23 billion for the quarter. As a group, sell-side analysts forecast that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Investors of record on Thursday, April 2nd were given a $0.56 dividend. The ex-dividend date was Friday, March 6th. This is an increase from Toromont Industries’s previous quarterly dividend of $0.52. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. Toromont Industries’s dividend payout ratio (DPR) is 33.70%.

Insider Buying and Selling

In related news, Director David Allan Malinauskas sold 972 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total transaction of C$195,955.20. 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.