Brokerages Set Toromont Industries Ltd. (TSE:TIH) Target Price at C$238.67

Toromont Industries Ltd. (TSE:TIH) has been assigned an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is C$246.89.

TIH has been the topic of several recent analyst reports. BMO Capital Markets raised their price target on Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce boosted their price objective on Toromont Industries from C$240.00 to C$242.00 in a report on Thursday, July 30th. Royal Bank Of Canada upped their price objective on shares of Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Canaccord Genuity Group raised their target price on shares of Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Scotia lifted their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th.

Toromont Industries Stock Performance

Toromont Industries stock opened at C$210.87 on Thursday. The stock has a market cap of C$17.20 billion, a P/E ratio of 33.58, a PEG ratio of 3.72 and a beta of 0.98. Toromont Industries has a fifty-two week low of C$137.41 and a fifty-two week high of C$243.50. The firm’s fifty day moving average price is C$223.93 and its 200-day moving average price is C$208.73. The company has a debt-to-equity ratio of 24.76, a quick ratio of 1.38 and a current ratio of 2.73.

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. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%.The company had revenue of C$1.60 billion for the quarter. Equities research analysts forecast that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Thursday, July 2nd were issued a $0.56 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.1%. Toromont Industries’s dividend payout ratio is presently 34.39%.

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.