Toromont Industries (TSE:TIH) Price Target Raised to C$265.00

Toromont Industries (TSE:TIH) had its target price upped by Royal Bank Of Canada from C$256.00 to C$265.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on TIH. Scotiabank raised their target price on shares of Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 7th. BMO Capital Markets lifted their price objective on shares of Toromont Industries from C$215.00 to C$228.00 in a report on Wednesday, April 29th. Canadian Imperial Bank of Commerce upped their target price on shares of Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday. Scotia increased their target price on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research note on Thursday, April 30th. Finally, Raymond James Financial upgraded Toromont Industries from a “market perform” rating to an “outperform” rating and raised their price target for the company from C$190.00 to C$235.00 in a research report on Thursday, June 18th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Toromont Industries has a consensus rating of “Moderate Buy” and a consensus price target of C$246.89.

Toromont Industries Stock Down 2.4%

Toromont Industries stock opened at C$210.87 on Thursday. The firm has a 50 day simple moving average of C$224.22 and a 200 day simple moving average of C$208.19. 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 has a 1-year low of C$137.41 and a 1-year high of C$243.50. The firm has a market capitalization of C$17.20 billion, a price-to-earnings ratio of 33.58, a P/E/G ratio of 3.72 and a beta of 0.98.

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

Toromont Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, July 2nd were given a dividend of $0.56 per share. The ex-dividend date was Friday, June 5th. This represents a $2.24 annualized dividend and a dividend yield of 1.1%. Toromont Industries’s payout ratio is currently 34.39%.

Trending Headlines about Toromont Industries

Here are the key news stories impacting Toromont Industries this week:

• Positive Sentiment: Scotiabank upgraded Toromont from “hold” to “outperform” and raised its price target to C$239 from C$238, indicating roughly 13% potential upside. Zacks.com
• Positive Sentiment: Raymond James raised its target to C$250 from C$235 and maintained an “outperform” rating, implying approximately 16% upside. Ticker Report
• Positive Sentiment: National Bank Financial increased its target to C$261 from C$259 and reiterated “outperform,” representing about 21% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: RBC lifted its target to C$265 from C$256 and maintained “outperform,” the highest target among the cited analysts and roughly 23% above the referenced share price. BayStreet.CA analyst ratings
• Positive Sentiment: Canaccord Genuity raised its target to C$260 from C$240 and upgraded or reaffirmed the stock at “buy,” implying approximately 20% upside. BayStreet.CA analyst ratings
• Positive Sentiment: CIBC and BMO also raised their targets, to C$242 and C$248, respectively, reinforcing a generally constructive analyst view. BayStreet.CA analyst ratings

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.