Toromont Industries (TSE:TIH) Price Target Raised to C$244.00

Toromont Industries (TSE:TIH) had its price objective upped by Scotiabank from C$239.00 to C$244.00 in a report issued on Wednesday morning,BayStreet reports. They currently have a sector outperform rating on the stock.

Several other analysts have also commented on the stock. BMO Capital Markets increased their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Royal Bank Of Canada reduced their target price on Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating on the stock in a research note on Tuesday. National Bank Financial increased their target price on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce raised their price target on Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday, July 30th. Finally, Raymond James Financial raised their price target 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. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$246.60.

Toromont Industries Price Performance

TSE TIH traded down C$4.89 during trading hours on Wednesday, reaching C$184.15. The company’s stock had a trading volume of 484,594 shares, compared to its average volume of 284,114. The stock has a market cap of C$15.03 billion, a PE ratio of 26.73, a PEG ratio of 3.72 and a beta of 0.67. Toromont Industries has a fifty-two week low of C$155.85 and a fifty-two week high of C$243.50. The company’s 50-day moving average is C$208.66 and its two-hundred day moving average is C$209.75. The company has a debt-to-equity ratio of 23.71, a quick ratio of 1.38 and a current ratio of 2.79.

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

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Friday, October 2nd were issued a dividend of $0.56 per share. The ex-dividend date was Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.2%. Toromont Industries’s payout ratio is 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.