Shares of Toromont Industries Ltd (TSE:TIH) have received a consensus recommendation of “Buy” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is C$55.64.

A number of brokerages have weighed in on TIH. TD Securities raised Toromont Industries from a “hold” rating to a “buy” rating and boosted their price target for the stock from C$48.00 to C$65.00 in a research report on Wednesday, September 20th. National Bank Financial boosted their price target on Toromont Industries from C$55.00 to C$60.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. Scotiabank boosted their price target on Toromont Industries from C$47.00 to C$53.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 29th. Raymond James Financial, Inc. boosted their price target on Toromont Industries from C$55.00 to C$58.50 and gave the stock an “outperform” rating in a research report on Tuesday, August 29th. Finally, Canaccord Genuity lifted their price objective on Toromont Industries from C$50.00 to C$58.00 and gave the stock a “buy” rating in a research note on Tuesday, August 29th.

Toromont Industries (TIH) traded down 0.02% during midday trading on Friday, hitting $58.01. The stock had a trading volume of 41,355 shares. The company’s 50-day moving average price is $53.82 and its 200 day moving average price is $48.35. The stock has a market cap of $4.55 billion and a P/E ratio of 28.60. Toromont Industries has a 12-month low of $39.01 and a 12-month high of $58.44.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Tuesday, July 25th. The company reported C$0.51 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.55 by C($0.04). Toromont Industries had a return on equity of 17.80% and a net margin of 7.62%. The company had revenue of C$530.93 million during the quarter, compared to analyst estimates of C$550.60 million. On average, equities research analysts predict that Toromont Industries will post $2.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were paid a $0.19 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.31%.

In related news, insider David Allan Malinauskas sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of C$53.50, for a total transaction of C$85,600.00. Also, Director Randall Casson sold 4,300 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of C$57.25, for a total value of C$246,175.00. Insiders sold 35,348 shares of company stock worth $1,936,950 over the last quarter.

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About Toromont Industries

Toromont Industries Ltd is a Canada-based company, which operates through two segments: Equipment Group and CIMCO. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd.

Analyst Recommendations for Toromont Industries (TSE:TIH)

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