Toromont Industries (TSE:TIH) Shares Down 8.6% – Here’s Why

Shares of Toromont Industries Ltd. (TSE:TIH) traded down 8.6% during mid-day trading on Monday . The company traded as low as C$204.65 and last traded at C$206.41. 371,997 shares traded hands during trading, an increase of 41% from the average session volume of 263,023 shares. The stock had previously closed at C$225.77.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Scotia raised their price objective on shares of 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. Canadian Imperial Bank of Commerce increased their target price on Toromont Industries from C$215.00 to C$240.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Royal Bank Of Canada lifted their price target 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. Scotiabank upped 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. Finally, Canaccord Genuity Group raised Toromont Industries from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$200.00 to C$235.00 in a research note on Monday, April 27th. 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$238.67.

Toromont Industries Price Performance

The stock’s 50-day moving average is C$224.59 and its 200 day moving average is C$207.59. The stock has a market capitalization of C$17.06 billion, a PE ratio of 33.26, a P/E/G ratio of 3.72 and a beta of 0.98. 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 (TSE:TIH) last released its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The firm had revenue of C$1.60 billion for the quarter. As a group, equities analysts predict that Toromont Industries Ltd. will post 6.5892495 earnings per share for the current year.

Toromont Industries Announces Dividend

The business 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 dividend payout ratio is 33.70%.

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.