Toromont Industries Ltd. (TSE:TIH) to Issue Quarterly Dividend of $0.56

Toromont Industries Ltd. (TSE:TIH) announced a quarterly dividend on Friday, September 4th. Investors of record on Friday, October 2nd will be paid a dividend of 0.56 per share on Friday, October 2nd. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 4th.

Toromont Industries Trading Down 4.4%

Shares of Toromont Industries stock opened at C$191.37 on Wednesday. Toromont Industries has a 1 year low of C$141.39 and a 1 year high of C$243.50. The firm has a market cap of C$15.61 billion, a PE ratio of 30.47, a PEG ratio of 3.72 and a beta of 0.97. The company has a debt-to-equity ratio of 24.76, a current ratio of 2.73 and a quick ratio of 1.38. The company has a 50 day simple moving average of C$219.12 and a two-hundred day simple moving average of C$213.40.

Toromont Industries (TSE:TIH) last released its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 EPS for the quarter. The business had revenue of C$1.60 billion during the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. Analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

Analyst Ratings Changes

TIH has been the subject of several research reports. National Bank Financial upped their target price on shares of Toromont Industries from C$259.00 to C$261.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Royal Bank Of Canada raised their price target on Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Raymond James Financial lifted their price target on Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Canadian Imperial Bank of Commerce upped their price objective on Toromont Industries from C$240.00 to C$242.00 in a report on Thursday, July 30th. Finally, Canaccord Genuity Group increased their price objective on Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$246.89.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory – spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.