Toromont Industries (TSE:TIH) Hits New 12-Month High at $111.04

Toromont Industries Ltd. (TSE:TIH)’s stock price hit a new 52-week high on Thursday . The company traded as high as C$111.04 and last traded at C$110.34, with a volume of 14564 shares traded. The stock had previously closed at C$109.64.

A number of equities research analysts have recently issued reports on TIH shares. CIBC increased their price target on shares of Toromont Industries from C$106.00 to C$109.00 in a report on Friday, July 30th. Royal Bank of Canada increased their price target on shares of Toromont Industries from C$117.00 to C$118.00 and gave the stock an “outperform” rating in a report on Friday, July 30th. TD Securities increased their price target on shares of Toromont Industries from C$110.00 to C$115.00 and gave the stock a “hold” rating in a report on Friday, July 30th. Canaccord Genuity increased their price target on shares of Toromont Industries from C$111.00 to C$115.00 in a report on Friday, July 30th. Finally, Raymond James raised their target price on shares of Toromont Industries from C$110.00 to C$115.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$117.11.

The stock has a market capitalization of C$9.10 billion and a PE ratio of 30.42. The firm’s 50 day simple moving average is C$106.33 and its 200 day simple moving average is C$104.47. The company has a debt-to-equity ratio of 36.06, a current ratio of 2.59 and a quick ratio of 1.61.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Wednesday, July 28th. The company reported C$1.02 EPS for the quarter, hitting the consensus estimate of C$1.02. The business had revenue of C$1.13 billion for the quarter, compared to analysts’ expectations of C$1.03 billion. Analysts expect that Toromont Industries Ltd. will post 4.4899999 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 4th. Shareholders of record on Monday, October 4th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend was Tuesday, September 7th. Toromont Industries’s dividend payout ratio (DPR) is presently 35.39%.

In other news, Director Scott Medhurst sold 800 shares of Toromont Industries stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of C$107.65, for a total value of C$86,120.00. Following the completion of the transaction, the director now owns 212,729 shares of the company’s stock, valued at approximately C$22,900,276.85. Also, Director Jeffrey Scott Chisholm sold 1,000 shares of Toromont Industries stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of C$107.50, for a total value of C$107,500.00. Following the completion of the transaction, the director now directly owns 21,560 shares of the company’s stock, valued at approximately C$2,317,700. Insiders have sold 7,100 shares of company stock worth $759,970 over the last three months.

About Toromont Industries (TSE:TIH)

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.

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