Toromont Industries (TSE:TIH) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of Toromont Industries Ltd. (TSE:TIH) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$127.33 and traded as high as C$155.16. Toromont Industries shares last traded at C$154.32, with a volume of 105,877 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. BMO Capital Markets raised their price objective on Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. CIBC raised their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Raymond James Financial raised their price objective on Toromont Industries from C$122.00 to C$125.00 and gave the company a “market perform” rating in a research note on Thursday, July 31st. National Bankshares raised their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, Scotiabank raised their price objective on Toromont Industries from C$132.00 to C$140.00 and gave the company a “sector perform” rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$143.50.

Toromont Industries Price Performance

The stock has a market cap of C$12.56 billion, a price-to-earnings ratio of 26.11, a price-to-earnings-growth ratio of 3.72 and a beta of 0.65. The stock has a fifty day simple moving average of C$144.66 and a 200-day simple moving average of C$127.33. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. Toromont Industries’s dividend payout ratio (DPR) is 33.84%.

Insider Buying and Selling

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the completion of the sale, the insider directly owned 36,955 shares in the company, valued at C$5,395,430. This trade represents a 16.87% decrease in their position. Company insiders own 0.27% of the company’s stock.

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.