Toromont Industries (TSE:TIH) Price Target Raised to C$244.00

Key Points

• Scotiabank raised its Toromont Industries price target to C$244 from C$239 and maintained a “sector outperform” rating, implying 21.74% upside from the prior close.
• Analyst sentiment is broadly positive: eight analysts rate the stock Buy and two Hold, giving it a “Moderate Buy” consensus and an average target of C$246.60.
• Toromont shares fell 4.3% on Wednesday to C$200.42. The company reported quarterly EPS of C$2.33 on revenue of C$1.65 billion.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective upped by Scotiabank from C$239.00 to C$244.00 in a research report issued on Wednesday, BayStreet reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's target price would suggest a potential upside of 21.74% from the stock's previous close.

Several other analysts have also weighed in on the company. Raymond James Financial upped their price objective on Toromont Industries from C$235.00 to C$250.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. National Bank Financial increased their target price on shares of Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Royal Bank Of Canada cut their price objective on shares of Toromont Industries from C$265.00 to C$261.00 and set an "outperform" rating on the stock in a research report on Tuesday. Canadian Imperial Bank of Commerce upped their price target on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. Finally, Canaccord Genuity Group dropped their target price on shares of Toromont Industries from C$260.00 to C$250.00 and set a "buy" rating on the stock in a report on Wednesday. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of C$246.60.

Toromont Industries Stock Down 4.3%

Shares of TIH stock traded down C$8.98 on Wednesday, hitting C$200.42. The stock had a trading volume of 232,629 shares, compared to its average volume of 280,274. Toromont Industries has a 52-week low of C$155.85 and a 52-week high of C$243.50. The company has a debt-to-equity ratio of 24.76, a quick ratio of 1.38 and a current ratio of 2.73. The firm has a market capitalization of C$16.35 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 3.72 and a beta of 0.83. The stock's 50 day moving average is C$209.47 and its 200-day moving average is C$209.53.

Toromont Industries (TSE:TIH - Get Free Report) last issued its earnings results on Monday, November 2nd. The company reported C$2.33 EPS for the quarter. The company had revenue of C$1.65 billion during the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. As a group, research analysts expect that Toromont Industries will post 6.59 earnings per share for the current year.

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.

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