Toromont Industries (TSE:TIH) Reaches New 52-Week Low - Here's Why

Toromont Industries Ltd. (TSE:TIH - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as C$108.42 and last traded at C$109.17, with a volume of 10591 shares trading hands. The stock had previously closed at C$111.01.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TIH. CIBC raised their price objective on Toromont Industries from C$129.00 to C$131.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Scotiabank lifted their target price on Toromont Industries from C$132.00 to C$133.50 and gave the company a "sector perform" rating in a research note on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on Toromont Industries from C$130.00 to C$134.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Royal Bank of Canada upped their price objective on Toromont Industries from C$138.00 to C$139.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Finally, Raymond James boosted their price target on shares of Toromont Industries from C$122.00 to C$130.00 and gave the company a "market perform" rating in a report on Thursday, February 13th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Toromont Industries presently has an average rating of "Moderate Buy" and an average price target of C$136.06.

Toromont Industries Stock Performance

The company has a market capitalization of C$9.34 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68. The firm has a 50-day simple moving average of C$116.82 and a two-hundred day simple moving average of C$119.13. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04.

Toromont Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, April 4th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.82%. This is an increase from Toromont Industries's previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, March 7th. Toromont Industries's dividend payout ratio is presently 31.18%.

Insider Activity

In other news, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of C$115.00, for a total value of C$575,000.00. In the last quarter, insiders have sold 10,200 shares of company stock valued at $1,204,504. Insiders own 0.27% of the company's stock.

About Toromont Industries

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.