Toromont Industries Ltd. (TSE:TIH) Stock Has Consensus Price Target of C$246.60 According to Brokerages

Shares of Toromont Industries Ltd. (TSE:TIH) have been assigned an average rating of “Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is C$246.60.

TIH has been the subject of a number of recent analyst reports. Scotiabank raised their price objective on shares of Toromont Industries from C$239.00 to C$244.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 4th. Canaccord Genuity Group dropped their target price on Toromont Industries from C$260.00 to C$250.00 and set a “buy” rating on the stock in a research report on Wednesday, November 4th. Raymond James Financial boosted their target price on Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. BMO Capital Markets increased their target price on Toromont Industries from C$247.00 to C$248.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada reduced their price target on Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating for the company in a report on Tuesday, November 3rd.

Toromont Industries Stock Up 2.6%

TIH stock opened at C$197.34 on Friday. Toromont Industries has a one year low of C$155.85 and a one year high of C$243.50. The stock has a market capitalization of C$16.10 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 3.72 and a beta of 0.67. The company has a debt-to-equity ratio of 23.71, a quick ratio of 1.38 and a current ratio of 2.79. The company has a fifty day moving average of C$208.52 and a 200-day moving average of C$209.97.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Monday, November 2nd. The company reported C$2.33 earnings per share (EPS) for the quarter. Toromont Industries had a net margin of 9.60% and a return on equity of 16.55%. The business had revenue of C$1.65 billion for the quarter. As a group, analysts expect that Toromont Industries will post 6.59 EPS for the current year.

Toromont Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, October 2nd were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, September 4th. Toromont Industries’s dividend payout ratio is currently 31.93%.

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.