Toromont Industries (TSE:TIH) Price Target Raised to C$260.00

Toromont Industries (TSE:TIH) had its target price increased by Stifel Nicolaus from C$250.00 to C$260.00 in a report issued on Wednesday,BayStreet reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other research analysts have also issued reports on the company. Canadian Imperial Bank of Commerce lifted their target price on Toromont Industries from C$240.00 to C$242.00 in a report on Thursday, July 30th. Royal Bank Of Canada cut their price target on shares of Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating for the company in a report on Tuesday. Canaccord Genuity Group reduced their price objective on shares of Toromont Industries from C$260.00 to C$250.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James Financial raised 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. Finally, National Bank Financial dropped their target price on shares of Toromont Industries from C$261.00 to C$254.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$246.60.

Toromont Industries Price Performance

Shares of TIH stock traded down C$4.89 during mid-day trading on Wednesday, hitting C$184.15. 484,594 shares of the stock traded hands, compared to its average volume of 284,114. Toromont Industries has a twelve month low of C$155.85 and a twelve month high of C$243.50. The firm has a market cap of C$15.03 billion, a price-to-earnings ratio of 26.73, a price-to-earnings-growth ratio of 3.72 and a beta of 0.67. The company’s 50-day simple moving average is C$208.66 and its 200-day simple moving average is C$209.75. The company has a debt-to-equity ratio of 23.71, a quick ratio of 1.38 and a current ratio of 2.79.

Toromont Industries (TSE:TIH) last posted its quarterly earnings data on Monday, November 2nd. The company reported C$2.33 EPS for the quarter. The company had revenue of C$1.65 billion for the quarter. Toromont Industries had a return on equity of 16.55% and a net margin of 9.60%. As a group, equities research analysts expect that Toromont Industries will post 6.59 earnings per share for the current year.

Toromont Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Friday, October 2nd were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.24 annualized dividend and a dividend yield of 1.2%. Toromont Industries’s dividend payout ratio (DPR) is currently 31.93%.

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.