Toromont Industries (TSE:TIH) Shares Pass Above 200 Day Moving Average of $103.25

Toromont Industries Ltd. (TSE:TIH – Get Rating)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$103.25 and traded as high as C$110.07. Toromont Industries shares last traded at C$109.46, with a volume of 105,162 shares traded.

Analysts Set New Price Targets

A number of analysts have issued reports on TIH shares. Royal Bank of Canada boosted their price target on shares of Toromont Industries from C$123.00 to C$131.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Scotiabank boosted their price target on shares of Toromont Industries from C$121.00 to C$125.00 in a research note on Thursday, February 16th. CIBC boosted their price target on shares of Toromont Industries from C$111.00 to C$113.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. BMO Capital Markets boosted their price objective on Toromont Industries from C$112.00 to C$118.00 in a research report on Thursday, February 16th. Finally, National Bankshares boosted their price objective on Toromont Industries from C$110.00 to C$124.00 and gave the stock an “outperform” rating in a research report on Thursday, February 16th. Three analysts have rated the stock with a hold rating and three have issued a buy 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$123.71.

Toromont Industries Stock Performance

The firm has a market capitalization of C$9.01 billion, a price-to-earnings ratio of 20.05, a P/E/G ratio of 3.72 and a beta of 0.76. The company has a quick ratio of 1.38, a current ratio of 2.43 and a debt-to-equity ratio of 28.85. The stock has a 50-day moving average price of C$107.90 and a 200 day moving average price of C$103.25.

Toromont Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 4th. Investors of record on Tuesday, April 4th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.57%. This is an increase from Toromont Industries’s previous quarterly dividend of $0.39. The ex-dividend date is Wednesday, March 8th. Toromont Industries’s dividend payout ratio is 31.50%.

About Toromont Industries

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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.