Toromont Industries (TSE:TIH) Stock Price Target Lowered at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered Toromont Industries’ price target from C$265 to C$261 while maintaining an “outperform” rating, implying 25.08% upside from the prior close.
• Analyst sentiment remains positive: Toromont has an average “Moderate Buy” rating and a consensus price target of C$246.80, based on one Strong Buy, seven Buys, and two Holds.
• Shares rose 8.1% to C$208.67, while the company reported quarterly revenue of C$1.65 billion and earnings of C$2.33 per share.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective reduced by analysts at Royal Bank Of Canada from C$265.00 to C$261.00 in a report issued on Tuesday, BayStreet reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 25.08% from the company's previous close.

A number of other equities research analysts have also weighed in on the company. National Bank Financial lifted their target price on Toromont Industries from C$259.00 to C$261.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Stifel Nicolaus set a C$250.00 price target on Toromont Industries and gave the stock a "buy" rating in a research report on Wednesday, September 30th. Canadian Imperial Bank of Commerce raised their price target on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. Scotiabank upgraded Toromont Industries from a "hold" rating to an "outperform" rating and lifted their price objective for the company from C$238.00 to C$239.00 in a report on Thursday, July 30th. Finally, BMO Capital Markets lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Toromont Industries has an average rating of "Moderate Buy" and an average price target of C$246.80.

Toromont Industries Trading Up 8.1%

Shares of Toromont Industries stock traded up C$15.61 on Tuesday, hitting C$208.67. 247,116 shares of the company traded hands, compared to its average volume of 279,490. The stock's 50 day moving average price is C$209.34 and its 200-day moving average price is C$209.34. The company has a current ratio of 2.73, a quick ratio of 1.38 and a debt-to-equity ratio of 24.76. Toromont Industries has a 52 week low of C$153.95 and a 52 week high of C$243.50. The company has a market cap of C$17.02 billion, a PE ratio of 33.23, a PEG ratio of 3.72 and a beta of 0.83.

Toromont Industries (TSE:TIH - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The company reported C$2.33 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$1.65 billion for the quarter. Equities research analysts predict that Toromont Industries will post 6.59 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.