Toromont Industries Ltd. (TSE:TIH) Raises Dividend to $0.52 Per Share

Toromont Industries Ltd. (TSE:TIH) declared a quarterly dividend on Friday, March 7th, TickerTech Dividends reports. Investors of record on Friday, April 4th will be given a dividend of 0.52 per share on Friday, April 4th. This represents a $2.08 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Toromont Industries’s previous quarterly dividend of $0.48.

Toromont Industries Stock Performance

Shares of TSE TIH traded down C$0.41 during midday trading on Wednesday, hitting C$117.52. 12,907 shares of the company’s stock were exchanged, compared to its average volume of 146,811. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The firm has a market capitalization of C$9.58 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68. Toromont Industries has a 12 month low of C$109.83 and a 12 month high of C$135.53. The company’s 50 day moving average price is C$117.81 and its 200 day moving average price is C$120.69.

Insider Buying and Selling

In other news, Director Jeffrey Scott Chisholm purchased 4,500 shares of the stock in a transaction on Tuesday, December 10th. The stock was purchased at an average price of C$111.45 per share, for a total transaction of C$501,525.00. Also, Senior Officer Jennifer Cochrane sold 5,000 shares of Toromont Industries stock in a transaction on Friday, February 28th. The shares were sold at an average price of C$121.25, for a total transaction of C$606,250.00. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TIH has been the topic of several research reports. Royal Bank of Canada upped their price objective on shares of Toromont Industries from C$138.00 to C$139.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Canaccord Genuity Group upped their price target on shares of Toromont Industries from C$130.00 to C$134.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. National Bankshares raised their price objective on shares of Toromont Industries from C$126.00 to C$133.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Scotiabank boosted their price objective on Toromont Industries from C$132.00 to C$133.50 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Finally, BMO Capital Markets increased their target price on Toromont Industries from C$134.00 to C$138.00 in a research note on Wednesday, February 12th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$136.06.

Toromont Industries Company Profile

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.