Toromont Industries (TSE:TIH) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$120.81 and traded as high as C$121.32. Toromont Industries shares last traded at C$120.59, with a volume of 83,029 shares traded.

Analyst Ratings Changes

Several analysts recently weighed in on the company. BMO Capital Markets lifted their price objective on Toromont Industries from C$134.00 to C$138.00 in a report on Wednesday, February 12th. National Bankshares boosted their price target on shares of Toromont Industries from C$126.00 to C$133.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Scotiabank increased their price objective on shares of Toromont Industries from C$132.00 to C$133.50 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on shares of Toromont Industries from C$130.00 to C$134.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada increased their target price on Toromont Industries from C$138.00 to C$139.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Toromont Industries has an average rating of “Moderate Buy” and a consensus target price of C$136.06.

Toromont Industries Stock Performance

The firm has a 50 day moving average price of C$117.49 and a 200-day moving average price of C$120.79. The stock has a market capitalization of C$9.83 billion, a PE ratio of 19.58, a PEG ratio of 3.72 and a beta of 0.68. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, January 6th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.59%. The ex-dividend date was Friday, December 6th. Toromont Industries’s payout ratio is 31.18%.

Insider Transactions at Toromont Industries

In related news, Director Jeffrey Scott Chisholm purchased 4,500 shares of Toromont Industries stock in a transaction that occurred on Tuesday, December 10th. The stock was bought at an average cost of C$111.45 per share, for a total transaction of C$501,525.00. Company insiders own 0.27% of the company’s stock.

About Toromont Industries

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.