Toromont Industries (TSE:TIH) Price Target Raised to C$242.00

by · The Cerbat Gem

Toromont Industries (TSE:TIH – Free Report) had its target price upped by Canadian Imperial Bank of Commerce from C$240.00 to C$242.00 in a research report sent to investors on Thursday morning,BayStreet.CA reports.

TIH has been the topic of a number of other reports. Canaccord Genuity Group upgraded shares of Toromont Industries from a “hold” rating to a “buy” rating and raised their price target for the company from C$200.00 to C$235.00 in a research note on Monday, April 27th. Scotiabank raised their target price on shares of Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. BMO Capital Markets boosted their target price on shares of Toromont Industries from C$215.00 to C$228.00 in a research note on Wednesday, April 29th. Raymond James Financial upgraded Toromont Industries from a “market perform” rating to an “outperform” rating and increased their price target for the company from C$190.00 to C$235.00 in a research note on Thursday, June 18th. Finally, Scotia boosted their price objective 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. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Toromont Industries presently has a consensus rating of “Moderate Buy” and an average target price of C$246.89.

View Our Latest Stock Analysis on Toromont Industries

Toromont Industries Trading Down 2.4%

Shares of TIH opened at C$210.87 on Thursday. 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 has a 52-week low of C$137.41 and a 52-week high of C$243.50. The firm has a market cap of C$17.20 billion, a price-to-earnings ratio of 33.58, a PEG ratio of 3.72 and a beta of 0.98. The business’s fifty day moving average is C$224.22 and its 200-day moving average is C$208.19.

Toromont Industries (TSE:TIH – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. The business had revenue of C$1.60 billion during the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. Equities analysts anticipate that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Dividend Announcement

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

Key Stories Impacting Toromont Industries

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

Toromont Industries Company Profile

(Get Free Report)

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.

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