Scotiabank Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its price objective hoisted by stock analysts at Scotiabank from C$239.00 to C$244.00 in a research report issued on Wednesday, BayStreet reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank‘s price target points to a potential upside of 21.74% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Royal Bank Of Canada lowered their price objective on shares of Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating for the company in a research note on Tuesday. Raymond James Financial boosted their price target on shares of Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. BMO Capital Markets increased their target price on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. National Bank Financial boosted their price objective on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, Stifel Nicolaus set a C$250.00 target price on Toromont Industries and gave the stock a “buy” rating in a research report on Wednesday, September 30th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$246.60.

Toromont Industries Trading Down 4.3%

TIH traded down C$8.98 during midday trading on Wednesday, hitting C$200.42. 232,629 shares of the company were exchanged, compared to its average volume of 280,274. The firm’s 50 day moving average price is C$209.47 and its 200-day moving average price is C$209.53. Toromont Industries has a 1-year low of C$155.85 and a 1-year high of C$243.50. The firm has a market capitalization of C$16.35 billion, a P/E ratio of 31.91, a P/E/G ratio of 3.72 and a beta of 0.83. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76.

Toromont Industries (TSE:TIH) last released its earnings results on Monday, November 2nd. The company reported C$2.33 earnings per share for the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. The business had revenue of C$1.65 billion during the quarter. As a group, equities analysts forecast that Toromont Industries will post 6.59 EPS for the current fiscal year.

Toromont Industries Company Profile

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.