Toromont Industries (TSE:TIH) Stock Lifted to “Strong-Buy” by Stifel Nicolaus

Stifel Nicolaus upgraded shares of Toromont Industries (TSE:TIH) to a strong-buy rating in a research note published on Monday,Zacks reports.

Other research analysts have also issued research reports about the stock. Raymond James Financial upped their price objective on shares of Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Scotiabank raised Toromont Industries from a “hold” rating to an “outperform” rating and lifted their target price for the stock from C$238.00 to C$239.00 in a research report on Thursday, July 30th. Canadian Imperial Bank of Commerce boosted their price target on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. Canaccord Genuity Group upped their price target on Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Royal Bank Of Canada raised their price objective on Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$247.20.

Toromont Industries Trading Up 0.4%

Shares of TIH stock opened at C$226.98 on Monday. Toromont Industries has a 1 year low of C$152.68 and a 1 year high of C$243.50. The firm’s fifty day simple moving average is C$211.03 and its 200 day simple moving average is C$214.15. The firm has a market capitalization of C$18.51 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 3.72 and a beta of 0.94. The company has a current ratio of 2.73, a quick ratio of 1.38 and a debt-to-equity ratio of 24.76.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. The firm had revenue of C$1.60 billion during the quarter. As a group, sell-side analysts predict that Toromont Industries will post 6.5892495 EPS for the current year.

Toromont Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, October 2nd will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, September 4th. Toromont Industries’s payout ratio is 34.39%.

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.