Toromont Industries (TSE:TIH) Price Target Raised to C$261.00

Toromont Industries (TSE:TIH) had its target price hoisted by National Bank Financial from C$259.00 to C$261.00 in a report released on Thursday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on TIH. Scotiabank boosted their price objective on Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Canaccord Genuity Group raised Toromont Industries from a “hold” rating to a “buy” rating and raised their target price for the stock from C$200.00 to C$235.00 in a report on Monday, April 27th. BMO Capital Markets lifted their price target on Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Royal Bank Of Canada boosted their price target on Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Canadian Imperial Bank of Commerce upped their price objective on Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$246.89.

Toromont Industries Stock Performance

Shares of Toromont Industries stock opened at C$210.87 on Thursday. The firm has a market capitalization of C$17.20 billion, a P/E ratio of 33.58, a PEG ratio of 3.72 and a beta of 0.98. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. The company has a 50 day moving average price of C$224.22 and a 200 day moving average price of C$208.19. Toromont Industries has a 52 week low of C$137.41 and a 52 week high of C$243.50.

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

Toromont Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Thursday, July 2nd were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.1%. Toromont Industries’s payout ratio is currently 34.39%.

More Toromont Industries News

Here are the key news stories impacting Toromont Industries this week:

• Positive Sentiment: Scotiabank upgraded Toromont from “hold” to “outperform” and raised its price target to C$239 from C$238, indicating roughly 13% potential upside. Zacks.com
• Positive Sentiment: Raymond James raised its target to C$250 from C$235 and maintained an “outperform” rating, implying approximately 16% upside. Ticker Report
• Positive Sentiment: National Bank Financial increased its target to C$261 from C$259 and reiterated “outperform,” representing about 21% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: RBC lifted its target to C$265 from C$256 and maintained “outperform,” the highest target among the cited analysts and roughly 23% above the referenced share price. BayStreet.CA analyst ratings
• Positive Sentiment: Canaccord Genuity raised its target to C$260 from C$240 and upgraded or reaffirmed the stock at “buy,” implying approximately 20% upside. BayStreet.CA analyst ratings
• Positive Sentiment: CIBC and BMO also raised their targets, to C$242 and C$248, respectively, reinforcing a generally constructive analyst view. BayStreet.CA analyst ratings

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.