Toromont Industries Ltd. (TSE:TIH) Announces Quarterly Dividend of $0.39

Toromont Industries Ltd. (TSE:TIH – Get Rating) declared a quarterly dividend on Wednesday, June 8th, TickerTech reports. Shareholders of record on Tuesday, July 5th will be paid a dividend of 0.39 per share on Tuesday, July 5th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Wednesday, June 8th.

Toromont Industries stock opened at C$111.01 on Monday. Toromont Industries has a 12-month low of C$100.63 and a 12-month high of C$124.25. The company has a market capitalization of C$9.16 billion and a price-to-earnings ratio of 26.81. The company has a debt-to-equity ratio of 33.17, a current ratio of 2.55 and a quick ratio of 1.53. The firm’s fifty day moving average price is C$114.62 and its 200 day moving average price is C$112.21.

Toromont Industries (TSE:TIH – Get Rating) last released its earnings results on Wednesday, April 27th. The company reported C$0.72 earnings per share for the quarter, topping the consensus estimate of C$0.68 by C$0.04. The company had revenue of C$860.14 million during the quarter, compared to the consensus estimate of C$805.20 million. Analysts forecast that Toromont Industries will post 5.0300001 earnings per share for the current fiscal year.

In related news, Senior Officer Mike Cuddy sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of C$114.50, for a total transaction of C$1,145,000.00. Following the transaction, the insider now directly owns 35,599 shares of the company’s stock, valued at C$4,076,085.50. Also, Director Wayne S. Hill sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of C$118.00, for a total transaction of C$295,000.00. Following the transaction, the director now directly owns 20,150 shares in the company, valued at C$2,377,700. Insiders have sold 17,300 shares of company stock worth $2,000,600 in the last 90 days.

A number of research analysts have issued reports on the stock. Canaccord Genuity Group boosted their target price on shares of Toromont Industries from C$120.00 to C$123.00 in a research note on Friday, February 11th. CIBC boosted their price target on shares of Toromont Industries from C$123.00 to C$125.00 and gave the stock a “neutral” rating in a research report on Friday, April 29th. TD Securities boosted their price target on shares of Toromont Industries from C$125.00 to C$130.00 and gave the stock a “hold” rating in a research report on Friday, April 29th. BMO Capital Markets boosted their price target on shares of Toromont Industries from C$126.00 to C$130.00 in a research report on Friday, April 29th. Finally, Royal Bank of Canada boosted their price target on shares of Toromont Industries from C$126.00 to C$129.00 and gave the stock an “outperform” rating in a research report on Friday, April 29th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$125.70.

About Toromont Industries (Get Rating)

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.

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