National Bank Financial Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its price target hoisted by investment analysts at National Bank Financial from C$259.00 to C$261.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. National Bank Financial’s price objective suggests a potential upside of 22.49% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Canaccord Genuity Group raised shares of Toromont Industries from a “hold” rating to a “buy” rating and upped their price target for the stock from C$200.00 to C$235.00 in a research report on Monday, April 27th. Scotia boosted their price objective on Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 30th. Scotiabank upped their target price on Toromont Industries from C$229.00 to C$238.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. Raymond James Financial upgraded Toromont Industries from a “market perform” rating to an “outperform” rating and raised their target price for the company from C$190.00 to C$235.00 in a report on Thursday, June 18th. Finally, BMO Capital Markets boosted their price target on Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$246.89.

Toromont Industries Trading Up 3.0%

TIH stock traded up C$6.27 during midday trading on Thursday, reaching C$213.08. 213,740 shares of the company’s stock traded hands, compared to its average volume of 272,155. The company has a market capitalization of C$17.37 billion, a P/E ratio of 33.88, a PEG ratio of 3.72 and a beta of 0.98. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. Toromont Industries has a fifty-two week low of C$137.41 and a fifty-two week high of C$243.50. The business has a 50-day moving average price of C$224.43 and a two-hundred day moving average price of C$207.86.

Toromont Industries (TSE:TIH) last released its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The company had revenue of C$1.60 billion during the quarter. Equities research analysts forecast 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.