Toromont Industries (TSE:TIH) Releases Earnings Results

Toromont Industries (TSE:TIH) announced its quarterly earnings data on Tuesday. The company reported C$2.20 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of C$1.60 billion during the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.

Toromont Industries Trading Down 0.7%

Shares of TIH opened at C$209.23 on Wednesday. Toromont Industries has a 1 year low of C$131.94 and a 1 year high of C$243.50. The company has a current ratio of 3.17, a quick ratio of 1.38 and a debt-to-equity ratio of 25.19. The stock has a 50 day simple moving average of C$224.59 and a 200-day simple moving average of C$207.59. The stock has a market cap of C$17.06 billion, a PE ratio of 33.26, a PEG ratio of 3.72 and a beta of 0.98.

Toromont Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Thursday, July 2nd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 5th. Toromont Industries’s dividend payout ratio is currently 33.70%.

Analysts Set New Price Targets

Several equities research analysts recently commented on TIH shares. Canadian Imperial Bank of Commerce boosted their price target on Toromont Industries from C$215.00 to C$240.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. National Bank Financial increased their price target on shares of Toromont Industries from C$216.00 to C$259.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 23rd. Scotiabank lifted their price objective 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 boosted their price target on Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Finally, Scotia upped their target price on Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 30th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$238.67.

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.