Brokerages Set Toromont Industries Ltd. (TSE:TIH) Price Target at C$216.44

Toromont Industries Ltd. (TSE:TIH) has received a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is C$216.44.

A number of analysts have commented on the stock. Canaccord Genuity Group raised shares of Toromont Industries from a “hold” rating to a “buy” rating and upped their target price for the company from C$200.00 to C$235.00 in a report on Monday, April 27th. Canadian Imperial Bank of Commerce upped their target price on shares of Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Raymond James Financial upped their target price on shares of Toromont Industries from C$180.00 to C$190.00 and gave the company a “market perform” rating in a report on Thursday, April 30th. National Bank Financial upped their target price on shares of Toromont Industries from C$214.00 to C$216.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. Finally, TD Securities upped their target price on shares of Toromont Industries from C$195.00 to C$228.00 and gave the company a “buy” rating in a report on Tuesday, February 17th.

Toromont Industries Stock Down 2.3%

TIH opened at C$214.79 on Friday. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19. The firm has a 50 day moving average price of C$206.33 and a 200-day moving average price of C$186.58. Toromont Industries has a twelve month low of C$114.70 and a twelve month high of C$225.88. The stock has a market capitalization of C$17.51 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 3.72 and a beta of 0.96.

Toromont Industries (TSE:TIH) last released its quarterly earnings data on Tuesday, April 28th. The company reported C$1.13 earnings per share for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The firm had revenue of C$1.23 billion during the quarter. Equities research analysts forecast that Toromont Industries will post 6.5892495 earnings per share for the current year.

Toromont Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Thursday, April 2nd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Toromont Industries’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Friday, March 6th. Toromont Industries’s dividend payout ratio is currently 33.70%.

Insider Activity

In other news, Director David Allan Malinauskas sold 972 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total value of C$195,955.20. 0.27% of the stock is currently owned by company insiders.

About Toromont Industries

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger segment by revenue, Equipment Group includes a Caterpillar dealership and rental operation of construction equipment. CIMCO offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.