Toromont Industries (TSE:TIH) Upgraded at Scotiabank

Toromont Industries (TSE:TIH) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has a C$239.00 price target on the stock, up from their previous price target of C$238.00. Scotiabank’s target price would suggest a potential upside of 12.16% from the stock’s current price.

Other analysts have also issued research reports about the company. Canaccord Genuity Group lifted their price objective on Toromont Industries from C$240.00 to C$260.00 and gave the stock a “buy” rating in a report on Thursday. National Bank Financial increased their target price on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a report on Thursday. BMO Capital Markets raised their target price on Toromont Industries from C$247.00 to C$248.00 and gave the stock an “outperform” rating in a research report on Thursday. Canadian Imperial Bank of Commerce raised their target price on Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday. Finally, Royal Bank Of Canada boosted their price target on Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a research note on Thursday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Toromont Industries has a consensus rating of “Moderate Buy” and a consensus price target of C$246.89.

Toromont Industries Stock Performance

TIH stock traded up C$6.27 on Thursday, hitting C$213.08. The company had a trading volume of 213,740 shares, compared to its average volume of 272,155. The company has a current ratio of 3.17, a quick ratio of 1.38 and a debt-to-equity ratio of 25.19. Toromont Industries has a 12-month low of C$137.41 and a 12-month high of C$243.50. The stock has a market cap of C$17.37 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98. The stock’s 50-day simple moving average is C$224.43 and its 200 day simple moving average is C$207.86.

Toromont Industries (TSE:TIH) last announced its earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. The business had revenue of C$1.60 billion during the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. As a group, equities research analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

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.