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

Toromont Industries Ltd. (OTCMKTS:TMTNF) shares gapped down prior to trading on Wednesday . The stock had previously closed at $156.72, but opened at $148.84. Toromont Industries shares last traded at $148.8840, with a volume of 600 shares changing hands.

Analysts Set New Price Targets

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

Toromont Industries Stock Performance

The stock’s 50 day moving average price is $159.21 and its two-hundred day moving average price is $153.26. The company has a current ratio of 2.93, a quick ratio of 1.86 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $12.14 billion and a price-to-earnings ratio of 45.39.

Toromont Industries (OTCMKTS:TMTNF) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.85 by $0.24. Toromont Industries had a net margin of 9.25% and a return on equity of 16.00%. The firm had revenue of $797.03 million during the quarter, compared to analysts’ expectations of $1.04 billion.

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.