BMO Capital Markets Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Key Points

• BMO Capital Markets raised its target on Toromont Industries to C$228 (from C$215), implying about an 8.12% potential upside.
• Multiple analysts have lifted ratings and targets — notably Canaccord upgraded to a "buy" with a C$235 target — and the stock has a consensus Moderate Buy rating with an average target of C$210.
• TIH traded at C$210.88 (up ~1%) with a market cap of C$17.18B and a P/E of 34.74; the company reported quarterly EPS of C$1.13 on C$1.23B revenue, with a 15.97% ROE and 9.54% net margin.

Toromont Industries (TSE:TIH - Get Free Report) had its target price upped by equities research analysts at BMO Capital Markets from C$215.00 to C$228.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. BMO Capital Markets' target price indicates a potential upside of 8.12% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group upgraded Toromont Industries from a "hold" rating to a "buy" rating and raised their price objective for the company from C$200.00 to C$235.00 in a report on Monday. Scotiabank raised their price objective on Toromont Industries from C$181.00 to C$208.00 in a report on Wednesday, February 18th. Raymond James Financial raised their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. TD Securities raised their price objective on Toromont Industries from C$195.00 to C$228.00 and gave the company a "buy" rating in a report on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce raised their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of C$210.00.

Toromont Industries Stock Up 1.0%

TIH stock traded up C$2.02 during trading hours on Wednesday, reaching C$210.88. 303,050 shares of the stock were exchanged, compared to its average volume of 256,199. The firm's 50-day moving average is C$202.63 and its 200-day moving average is C$180.71. The company has a market cap of C$17.18 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 3.72 and a beta of 0.91. The company has a debt-to-equity ratio of 25.87, a current ratio of 2.93 and a quick ratio of 1.38. Toromont Industries has a 12 month low of C$108.51 and a 12 month high of C$217.97.

Toromont Industries (TSE:TIH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported C$1.13 earnings per share for the quarter. The company had revenue of C$1.23 billion during the quarter. Toromont Industries had a return on equity of 15.97% and a net margin of 9.54%. On average, equities research analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current year.

Insider Transactions at Toromont Industries

In related news, Director David Allan Malinauskas sold 972 shares of the firm's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total value of C$195,955.20. Company insiders own 0.27% of the company's stock.

Toromont Industries Company Profile

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.

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