Toromont Industries (TSE:TIH) Share Price Breaks Below 200-Day Moving Average – Here’s What Happened

Toromont Industries Ltd. (TSE:TIH) shares crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$215.44 and traded as low as C$212.22. Toromont Industries shares last traded at C$212.90, with a volume of 304,771 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TIH shares. National Bank Financial boosted their price objective on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. BMO Capital Markets raised their target price on Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canaccord Genuity Group lifted their target price on Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Royal Bank Of Canada boosted their price target 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. Finally, Raymond James Financial increased their price target on shares of Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$247.20.

Toromont Industries Trading Up 0.7%

The company has a fifty day simple moving average of C$212.36 and a two-hundred day simple moving average of C$215.43. The company has a current ratio of 2.73, a quick ratio of 1.38 and a debt-to-equity ratio of 24.76. The company has a market cap of C$17.49 billion, a PE ratio of 34.14, a P/E/G ratio of 3.72 and a beta of 0.83.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. The business had revenue of C$1.60 billion during the quarter. Analysts anticipate that Toromont Industries Ltd. will post 6.59 EPS for the current year.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, October 2nd were paid a $0.56 dividend. The ex-dividend date was Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a yield of 1.0%. Toromont Industries’s payout ratio 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.