Canaccord Genuity Group Upgrades Toromont Industries (TSE:TIH) to "Buy"

Key Points

• Canaccord Genuity upgraded Toromont Industries (TSE:TIH) from "hold" to "buy" and raised its price target to C$235 (from C$200), implying roughly a 12% potential upside.
• Several other brokers have also lifted targets recently—five analysts rate the stock as Buy and three as Hold—giving a consensus rating of "Moderate Buy" with an average target of C$208.38.
• Shares trade around C$209.66 near their 52‑week high, with a market cap of C$17.08B and a P/E of 34.5; last quarter the company reported EPS of C$1.92 on C$1.42B of revenue.

Toromont Industries (TSE:TIH - Get Free Report) was upgraded by stock analysts at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a note issued to investors on Monday,BayStreet.CA reports. The brokerage presently has a C$235.00 price target on the stock, up from their prior price target of C$200.00. Canaccord Genuity Group's target price would suggest a potential upside of 12.09% from the stock's current price.

Several other equities research analysts also recently commented on TIH. TD Securities boosted their target price on shares of Toromont Industries from C$195.00 to C$228.00 and gave the stock a "buy" rating in a research report on Tuesday, February 17th. National Bank Financial boosted their target price on shares of Toromont Industries from C$208.00 to C$214.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 8th. BMO Capital Markets boosted their target price on shares of Toromont Industries from C$210.00 to C$215.00 in a research report on Tuesday, April 7th. Scotiabank boosted their target price on shares of Toromont Industries from C$181.00 to C$208.00 in a research report on Wednesday, February 18th. Finally, Raymond James Financial boosted their target price on shares of Toromont Industries from C$172.00 to C$180.00 in a research report on Thursday, February 12th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Toromont Industries currently has an average rating of "Moderate Buy" and a consensus target price of C$208.38.

Toromont Industries Stock Up 0.0%

TIH traded up C$0.10 during midday trading on Monday, hitting C$209.66. The company had a trading volume of 119,226 shares, compared to its average volume of 255,258. Toromont Industries has a 52 week low of C$108.51 and a 52 week high of C$215.58. The company has a quick ratio of 1.38, a current ratio of 2.93 and a debt-to-equity ratio of 25.87. The company has a market capitalization of C$17.08 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 3.72 and a beta of 0.91. The stock's 50 day moving average price is C$202.46 and its 200 day moving average price is C$179.96.

Toromont Industries (TSE:TIH - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The company reported C$1.92 earnings per share for the quarter. Toromont Industries had a net margin of 9.54% and a return on equity of 15.97%. The firm had revenue of C$1.42 billion during the quarter. On average, research analysts anticipate that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

Insider Transactions at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 972 shares of the company'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. 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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