Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its target price increased by research analysts at Canadian Imperial Bank of Commerce from C$215.00 to C$240.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a “neutral” rating on the stock. Canadian Imperial Bank of Commerce’s price target indicates a potential upside of 5.33% from the company’s previous close.

A number of other research analysts have also commented on TIH. National Bank Financial raised their price objective on shares of Toromont Industries from C$216.00 to C$259.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Scotia increased their price target on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research note on Thursday, April 30th. Scotiabank boosted their price objective on Toromont Industries from C$229.00 to C$238.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Royal Bank Of Canada upped their price objective on Toromont Industries from C$234.00 to C$256.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Finally, BMO Capital Markets raised their target price on Toromont Industries from C$215.00 to C$228.00 in a research note on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$238.67.

Toromont Industries Stock Performance

TIH stock traded down C$0.75 during trading on Wednesday, reaching C$227.85. 116,798 shares of the company’s stock were exchanged, compared to its average volume of 262,235. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19. Toromont Industries has a 1-year low of C$125.00 and a 1-year high of C$243.50. The company’s fifty day moving average price is C$222.03 and its 200-day moving average price is C$201.21. The firm has a market cap of C$18.58 billion, a PE ratio of 36.22, a P/E/G ratio of 3.72 and a beta of 0.98.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 EPS for the quarter. The company had revenue of C$1.23 billion for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. On average, research analysts expect that Toromont Industries will post 6.5892495 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.