Canaccord Genuity Upgrades Toromont Industries (TSE:TIH) to “Buy”

Canaccord Genuity upgraded shares of Toromont Industries (TSE:TIH) from a hold rating to a buy rating in a report issued on Monday, BayStreet.CA reports. The brokerage currently has C$66.00 price target on the stock, down from their prior price target of C$69.00.

Other equities research analysts also recently issued reports about the company. TD Securities boosted their target price on Toromont Industries from C$76.00 to C$81.00 and gave the stock a buy rating in a report on Thursday, February 13th. CIBC boosted their target price on Toromont Industries from C$69.00 to C$75.00 in a report on Wednesday, January 15th. National Bank Financial boosted their target price on Toromont Industries from C$79.00 to C$82.00 and gave the stock an outperform rating in a report on Tuesday, January 7th. Finally, Raymond James reissued an outperform rating and issued a C$82.00 target price on shares of Toromont Industries in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Toromont Industries has an average rating of Buy and an average price target of C$73.88.

Shares of TIH stock opened at C$61.31 on Monday. The stock has a market cap of $4.78 billion and a price-to-earnings ratio of 17.57. The business’s fifty day moving average is C$66.33 and its 200 day moving average is C$67.43. Toromont Industries has a twelve month low of C$52.36 and a twelve month high of C$74.68. The company has a quick ratio of 0.91, a current ratio of 1.83 and a debt-to-equity ratio of 44.13.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, February 11th. The company reported C$1.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C$1.13 by C($0.03). The company had revenue of C$1.03 billion during the quarter, compared to the consensus estimate of C$1.02 billion. Equities research analysts expect that Toromont Industries will post 4.2700002 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Thursday, April 2nd will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.02%. This is an increase from Toromont Industries’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, March 6th. Toromont Industries’s payout ratio is 30.95%.

In other Toromont Industries news, Senior Officer Mike Cuddy sold 6,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of C$71.25, for a total value of C$427,500.00. Following the sale, the insider now directly owns 101,504 shares of the company’s stock, valued at C$7,232,160. Insiders sold 10,100 shares of company stock worth $719,180 over the last three months.

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 is involved 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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Analyst Recommendations for Toromont Industries (TSE:TIH)

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