Royal Bank Of Canada Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

Toromont Industries (TSE:TIH) had its price objective boosted by equities research analysts at Royal Bank Of Canada from C$234.00 to C$256.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 5.79% from the stock’s current price.

Several other analysts have also recently issued reports on TIH. Canaccord Genuity Group raised Toromont Industries from a “hold” rating to a “buy” rating and increased their target price for the company from C$200.00 to C$235.00 in a research report on Monday, April 27th. National Bank Financial boosted their target price on shares of Toromont Industries from C$214.00 to C$216.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Scotiabank lifted their price objective on shares of Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Raymond James Financial increased their target price on shares of Toromont Industries from C$180.00 to C$190.00 and gave the company a “market perform” rating in a research report on Thursday, April 30th. Finally, BMO Capital Markets lifted their price target on shares of Toromont Industries from C$215.00 to C$228.00 in a report on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Toromont Industries has an average rating of “Moderate Buy” and a consensus price target of C$223.89.

Toromont Industries Stock Up 17.6%

TSE TIH traded up C$36.27 during mid-day trading on Thursday, reaching C$241.98. The stock had a trading volume of 394,119 shares, compared to its average volume of 254,368. The company has a fifty day moving average price of C$215.84 and a 200 day moving average price of C$194.57. Toromont Industries has a 1 year low of C$117.38 and a 1 year high of C$243.50. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The stock has a market cap of C$19.73 billion, a PE ratio of 38.47, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The business had revenue of C$1.23 billion during the quarter. On average, research analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current year.

Toromont Industries Company Profile

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.