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

Toromont Industries Ltd. (TSE:TIH) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$225.12 and last traded at C$224.78, with a volume of 35735 shares traded. The stock had previously closed at C$222.73.

Analyst Upgrades and Downgrades

TIH has been the subject of several analyst reports. Canaccord Genuity Group raised Toromont Industries from a “hold” rating to a “buy” rating and upped their target price for the company from C$200.00 to C$235.00 in a report on Monday, April 27th. Canadian Imperial Bank of Commerce boosted their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Scotia upped their price objective on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research note on Thursday, April 30th. Royal Bank Of Canada lifted their target price on shares of Toromont Industries from C$207.00 to C$234.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Finally, National Bank Financial boosted their price target on shares of Toromont Industries from C$214.00 to C$216.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$216.44.

Toromont Industries Stock Down 0.7%

The firm has a 50-day moving average of C$205.24 and a two-hundred day moving average of C$185.10. The stock has a market capitalization of C$18.25 billion, a price-to-earnings ratio of 35.59, a price-to-earnings-growth ratio of 3.72 and a beta of 0.96. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19.

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

Toromont Industries Increases Dividend

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

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 972 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total value of C$195,955.20. Corporate 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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.