Toromont Industries (TSE:TIH) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Toromont Industries Ltd. (TSE:TIH) shares passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$213.50 and traded as high as C$228.00. Toromont Industries shares last traded at C$225.73, with a volume of 255,302 shares.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Raymond James Financial boosted their price objective on Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Scotiabank upgraded shares of Toromont Industries from a “hold” rating to an “outperform” rating and raised their target price for the stock from C$238.00 to C$239.00 in a report on Thursday, July 30th. Royal Bank Of Canada lifted their target price on shares of Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. BMO Capital Markets upped their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce increased their price target on shares of Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Toromont Industries presently has an average rating of “Moderate Buy” and an average target price of C$246.89.

Toromont Industries Stock Up 0.4%

The company has a debt-to-equity ratio of 24.76, a current ratio of 2.73 and a quick ratio of 1.38. The stock has a market capitalization of C$18.41 billion, a PE ratio of 35.94, a PEG ratio of 3.72 and a beta of 0.94. The company has a 50 day moving average price of C$211.14 and a 200-day moving average price of C$213.50.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 EPS for the quarter. The company had revenue of C$1.60 billion during the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. As a group, analysts forecast that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, October 2nd will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 4th. Toromont Industries’s dividend payout ratio (DPR) is currently 34.39%.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory – spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.