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

Toromont Industries Ltd. (TSE:TIH)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$226.00 and last traded at C$225.74, with a volume of 27454 shares. The stock had previously closed at C$222.66.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TIH shares. Canaccord Genuity Group upgraded shares of Toromont Industries from a “hold” rating to a “buy” rating and raised their price objective for the stock from C$200.00 to C$235.00 in a research note on Monday, April 27th. TD Securities raised their price objective on shares of Toromont Industries from C$195.00 to C$228.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Scotia lifted their target price on Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 30th. Scotiabank lifted their target price on Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Finally, BMO Capital Markets lifted their target price on Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$216.44.

Toromont Industries Price Performance

The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The stock’s 50 day simple moving average is C$208.11 and its two-hundred day simple moving average is C$188.16. The stock has a market cap of C$18.25 billion, a price-to-earnings ratio of 35.59, a P/E/G ratio of 3.72 and a beta of 0.96.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The firm had revenue of C$1.23 billion for the quarter. On average, analysts forecast that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Thursday, April 2nd were paid a dividend of $0.56 per share. This is an increase 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%. The ex-dividend date was Friday, March 6th. Toromont Industries’s dividend payout ratio is presently 33.70%.

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 972 shares of Toromont Industries stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of C$201.60, for a total transaction of C$195,955.20. 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.