Toromont Industries (OTCMKTS:TMTNF) Shares Gap Down – Here’s Why

Toromont Industries Ltd. (OTCMKTS:TMTNF)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $156.72, but opened at $148.84. Toromont Industries shares last traded at $148.8840, with a volume of 600 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TMTNF. BMO Capital Markets reissued an “outperform” rating on shares of Toromont Industries in a research report on Wednesday, April 29th. TD Securities reaffirmed a “buy” rating on shares of Toromont Industries in a research note on Monday, May 4th. Scotiabank reissued a “sector perform” rating on shares of Toromont Industries in a research note on Tuesday, July 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Toromont Industries in a report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Toromont Industries in a report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Toromont Industries presently has a consensus rating of “Moderate Buy”.

Toromont Industries Stock Down 5.0%

The company has a current ratio of 2.93, a quick ratio of 1.86 and a debt-to-equity ratio of 0.26. The company has a 50-day simple moving average of $159.51 and a 200 day simple moving average of $153.00. The company has a market cap of $12.14 billion and a P/E ratio of 45.39.

Toromont Industries (OTCMKTS:TMTNF) last released its earnings results on Tuesday, July 28th. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.24. The business had revenue of $797.03 million during the quarter, compared to the consensus estimate of $1.04 billion. Toromont Industries had a return on equity of 16.00% and a net margin of 9.25%.

Toromont Industries Company Profile

Toromont Industries Ltd. is a Canadian diversified industrial equipment and services company. Through its Toromont CAT division, it serves as a major dealer for Caterpillar machinery, offering sales, rentals, parts and service support for a wide range of heavy-duty equipment. Products include earth-moving, paving and compaction machinery, material handling equipment and power generation systems tailored to the needs of construction, mining, forestry, marine and energy sectors.

The company’s CIMCO Refrigeration business provides design-build, installation and maintenance of industrial and commercial refrigeration systems.