Toromont Industries (TSE:TIH) Reaches New 52-Week High – Still a Buy?

Toromont Industries Ltd. (TSE:TIH)’s stock 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.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TIH. Canaccord Genuity Group upgraded 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. Canadian Imperial Bank of Commerce raised their price objective on Toromont Industries from C$172.00 to C$180.00 in a research note on Friday, February 6th. Scotia raised their price objective on Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 30th. TD Securities upped their target price on 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. Finally, Raymond James Financial upped their target price on Toromont Industries from C$180.00 to C$190.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Toromont Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of C$216.44.

Toromont Industries Stock Up 1.4%

The company has a market cap of C$18.41 billion, a PE ratio of 35.89, a P/E/G ratio of 3.72 and a beta of 0.96. The business has a 50-day simple moving average of C$207.01 and a 200-day simple moving average of C$187.30. 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 issued its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. The company had revenue of C$1.23 billion for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. Equities research analysts anticipate that Toromont Industries Ltd. will post 6.5892495 EPS for the current year.

Toromont Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, March 6th. 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 dividend yield of 1.0%. Toromont Industries’s payout ratio is currently 33.70%.

Insider Activity at Toromont Industries

In related news, Director David Allan Malinauskas sold 972 shares of the 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 value of C$195,955.20. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

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.