Toromont Industries (OTCMKTS:TMTNF) Shares Up 17.7% – Here’s What Happened

Toromont Industries Ltd. (OTCMKTS:TMTNF) shares shot up 17.7% during mid-day trading on Thursday . The company traded as high as $161.13 and last traded at $161.13. Approximately 379 shares were traded during trading, a decline of 98% from the average session volume of 21,655 shares. The stock had previously closed at $136.8901.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Toromont Industries in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Toromont Industries in a report on Thursday, July 30th. Raymond James Financial upgraded shares of Toromont Industries to a “market perform” rating in a research report on Thursday, June 18th. Scotiabank reaffirmed a “sector perform” rating on shares of Toromont Industries in a research note on Tuesday, July 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Toromont Industries in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Toromont Industries Price Performance

The firm has a market capitalization of $13.14 billion and a P/E ratio of 49.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.86 and a current ratio of 2.93. The business has a 50 day simple moving average of $159.88 and a two-hundred day simple moving average of $151.18.

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

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.