Toromont Industries (TSE:TIH) Price Target Raised to C$250.00

Toromont Industries (TSE:TIH) had its price objective upped by Raymond James Financial from C$235.00 to C$250.00 in a report issued on Thursday morning,BayStreet.CA reports. Raymond James Financial currently has an outperform rating on the stock.

Several other equities research analysts have also commented on the stock. Scotiabank raised their price target 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 increased their price objective on Toromont Industries from C$247.00 to C$248.00 and gave the stock an “outperform” rating in a report on Thursday. National Bank Financial raised their target price on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a research report on Thursday. Royal Bank Of Canada raised their target price on Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Canaccord Genuity Group boosted their price target on Toromont Industries from C$240.00 to C$260.00 and gave the stock a “buy” rating in a research report on Thursday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$246.89.

Toromont Industries Trading Down 2.4%

TSE:TIH opened at C$210.87 on Thursday. The company has a market cap of C$17.20 billion, a PE ratio of 33.58, a P/E/G ratio of 3.72 and a beta of 0.98. The business’s 50 day moving average is C$224.22 and its two-hundred day moving average is C$208.19. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. Toromont Industries has a 52 week low of C$137.41 and a 52 week high of C$243.50.

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

Toromont Industries Announces Dividend

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

Toromont Industries News Summary

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

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.