Toromont Industries (OTCMKTS:TMTNF) Shares Gap Down – Here’s Why

Toromont Industries Ltd. (OTCMKTS:TMTNF) shares gapped down prior to trading on Monday . The stock had previously closed at $169.25, but opened at $161.41. Toromont Industries shares last traded at $161.41, with a volume of 130 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TMTNF. Raymond James Financial raised Toromont Industries to a “market perform” rating in a research report on Thursday, June 18th. TD Securities reaffirmed a “buy” rating on shares of Toromont Industries in a research report on Monday, May 4th. Royal Bank Of Canada reissued an “outperform” rating on shares of Toromont Industries in a report on Thursday, June 18th. BMO Capital Markets restated an “outperform” rating on shares of Toromont Industries in a research note on Wednesday, April 29th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Toromont Industries in a report on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

Toromont Industries Stock Down 4.6%

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.86. The business’s fifty day moving average price is $159.84 and its two-hundred day moving average price is $143.77. The stock has a market capitalization of $13.16 billion and a PE ratio of 73.70.

Toromont Industries (OTCMKTS:TMTNF) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. The company had revenue of $895.28 million during the quarter, compared to analysts’ expectations of $842.94 million. Toromont Industries had a return on equity of 16.35% and a net margin of 9.63%.

About Toromont Industries

Toromont Industries Ltd. is a Canadian diversified industrial equipment and services company. Through its Toromont CAT division, it serves as a major dealer for Caterpillar machinery, offering sales, rentals, parts and service support for a wide range of heavy-duty equipment. Products include earth-moving, paving and compaction machinery, material handling equipment and power generation systems tailored to the needs of construction, mining, forestry, marine and energy sectors.

The company’s CIMCO Refrigeration business provides design-build, installation and maintenance of industrial and commercial refrigeration systems.