Toromont Industries (TSE:TIH) Shares Pass Below Two Hundred Day Moving Average - Here's Why

Toromont Industries Ltd. (TSE:TIH - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$124.64 and traded as low as C$122.49. Toromont Industries shares last traded at C$122.70, with a volume of 83,085 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. TD Securities lifted their price objective on Toromont Industries from C$140.00 to C$150.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Scotiabank set a C$136.00 price objective on Toromont Industries and gave the stock a "sector perform" rating in a research report on Wednesday, August 21st. National Bankshares dropped their price objective on Toromont Industries from C$135.00 to C$132.00 in a research report on Tuesday. Royal Bank of Canada raised their price target on Toromont Industries from C$137.00 to C$142.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. Finally, BMO Capital Markets raised their price target on Toromont Industries from C$136.00 to C$143.00 in a research note on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of C$137.63.

Toromont Industries Trading Down 3.0 %

The firm has a market capitalization of C$9.75 billion, a PE ratio of 18.98, a P/E/G ratio of 3.72 and a beta of 0.68. The company has a debt-to-equity ratio of 24.08, a quick ratio of 1.38 and a current ratio of 2.64. The firm has a fifty day moving average of C$127.23 and a 200 day moving average of C$124.56.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Wednesday, October 2nd were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.92 annualized dividend and a yield of 1.61%. Toromont Industries's dividend payout ratio is presently 30.62%.

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 2,500 shares of Toromont Industries stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of C$124.00, for a total transaction of C$310,000.00. In other Toromont Industries news, Director David Allan Malinauskas sold 2,500 shares of Toromont Industries stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of C$124.00, for a total transaction of C$310,000.00. Also, Senior Officer Jennifer Cochrane sold 1,000 shares of Toromont Industries stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of C$123.00, for a total value of C$123,000.00. Insiders have sold 5,500 shares of company stock worth $677,864 in the last three months. 0.27% of the stock is owned by insiders.

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.