Toromont Industries (TSE:TIH) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Toromont Industries Ltd. (TSE:TIH)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$116.17 and traded as high as C$117.94. Toromont Industries shares last traded at C$117.48, with a volume of 243,582 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TIH. TD Securities dropped their target price on shares of Toromont Industries from C$143.00 to C$136.00 and set a “buy” rating for the company in a research report on Monday, May 5th. BMO Capital Markets dropped their target price on shares of Toromont Industries from C$130.00 to C$128.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Canaccord Genuity Group dropped their target price on shares of Toromont Industries from C$134.00 to C$131.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Raymond James dropped their target price on shares of Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating for the company in a research report on Friday, May 2nd. Finally, Scotiabank lowered their price objective on shares of Toromont Industries from C$133.50 to C$128.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of C$129.63.

Toromont Industries Stock Performance

The stock’s 50-day moving average is C$113.85 and its 200-day moving average is C$116.17. The firm has a market capitalization of C$9.58 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 3.72 and a beta of 0.68. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04.

Toromont Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, April 4th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Toromont Industries’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, March 7th. Toromont Industries’s payout ratio is presently 31.18%.

Insiders Place Their Bets

In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of C$115.00, for a total transaction of C$575,000.00. Also, Director Frederick James Mifflin bought 500 shares of Toromont Industries stock in a transaction on Friday, May 2nd. The shares were acquired at an average cost of C$110.05 per share, for a total transaction of C$55,025.00. Insiders have sold 10,200 shares of company stock valued at $1,204,504 in the last ninety days. 0.27% of the stock is currently owned by insiders.

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.