Toromont Industries Ltd (TIH) Receives Average Recommendation of “Buy” from Analysts
Shares of Toromont Industries Ltd (TSE:TIH) have been assigned an average rating of “Buy” from the eight research firms that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is C$66.25.
Several equities analysts have recently commented on TIH shares. BMO Capital Markets dropped their target price on shares of Toromont Industries from C$72.00 to C$70.00 and set an “average” rating for the company in a research report on Wednesday, November 7th. Canaccord Genuity lowered their price objective on shares of Toromont Industries from C$70.00 to C$64.00 and set a “buy” rating for the company in a research report on Wednesday, November 7th. Scotiabank reiterated a “neutral” rating and set a C$64.00 price objective on shares of Toromont Industries in a research report on Wednesday, November 7th. Raymond James lowered their price objective on shares of Toromont Industries from C$71.00 to C$70.00 and set an “outperform” rating for the company in a research report on Wednesday, November 7th. Finally, National Bank Financial lowered their price objective on shares of Toromont Industries from C$70.00 to C$66.00 and set an “outperform” rating for the company in a research report on Wednesday, November 7th.
Shares of TSE:TIH opened at C$55.93 on Friday. The company has a debt-to-equity ratio of 50.26, a quick ratio of 0.69 and a current ratio of 1.55. Toromont Industries has a 12 month low of C$46.24 and a 12 month high of C$68.11.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Thursday, January 3rd will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Thursday, December 6th. Toromont Industries’s dividend payout ratio is 31.84%.
In related news, Director Katherine Anne Rethy acquired 1,700 shares of the stock in a transaction that occurred on Thursday, November 8th. The stock was acquired at an average cost of C$59.80 per share, for a total transaction of C$101,660.00. Over the last quarter, insiders have purchased 1,752 shares of company stock valued at $104,844.
About Toromont Industries
Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment is involved in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in a variety of applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.
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