Toromont Industries (TSE:TIH) Price Target Raised to C$248.00

Toromont Industries (TSE:TIH) had its target price lifted by BMO Capital Markets from C$247.00 to C$248.00 in a research report sent to investors on Thursday,BayStreet.CA reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. National Bank Financial upped their target price on Toromont Industries from C$259.00 to C$261.00 and gave the stock an “outperform” rating in a research report on Thursday. Scotiabank lifted their price target on Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Canadian Imperial Bank of Commerce boosted their price objective on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday. Scotia upped their price objective on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Finally, Raymond James Financial raised 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 research note on Thursday, June 18th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$246.89.

Toromont Industries Stock Down 2.4%

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

Toromont Industries (TSE:TIH) last issued 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 return on equity of 15.53% and a net margin of 9.26%.The business had revenue of C$1.60 billion during the quarter. As a group, equities analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current year.

Toromont Industries Dividend Announcement

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

Toromont Industries News Summary

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

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.