Toromont Industries Ltd. (TSE:TIH) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Seven of nine brokerages rate Toromont Industries a buy, while two recommend holding the stock. The average 12-month price target is C$246.89.
• Several analysts raised their targets and ratings following the company’s latest results, with price objectives reaching as high as C$265 and Scotiabank upgrading the shares to “outperform.”
• Toromont reported quarterly EPS of C$2.20 on C$1.60 billion in revenue and declared a quarterly dividend of C$0.56 per share, equivalent to an annualized yield of about 1.1%.

Shares of Toromont Industries Ltd. (TSE:TIH - Get Free Report) have received an average rating of "Moderate Buy" from the nine research firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is C$246.89.

Several analysts recently commented on TIH shares. Royal Bank Of Canada raised their price target on shares of Toromont Industries from C$256.00 to C$265.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Canaccord Genuity Group upped their price objective on shares of Toromont Industries from C$240.00 to C$260.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Scotiabank raised shares of Toromont Industries from a "hold" rating to an "outperform" rating and increased their target price for the stock from C$238.00 to C$239.00 in a research note on Thursday, July 30th. BMO Capital Markets raised their target price on Toromont Industries from C$247.00 to C$248.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce lifted their price target on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th.

Toromont Industries Trading Up 0.9%

Shares of TSE:TIH opened at C$205.26 on Friday. 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 12-month low of C$148.33 and a 12-month high of C$243.50. The business has a 50 day moving average of C$212.54 and a two-hundred day moving average of C$213.04. The company has a market capitalization of C$16.74 billion, a PE ratio of 32.68, a PEG ratio of 3.72 and a beta of 0.94.

Toromont Industries (TSE:TIH - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. The firm had revenue of C$1.60 billion during the quarter. As a group, analysts forecast that Toromont Industries will post 6.5892495 EPS for the current year.

Toromont Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, October 2nd will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a yield of 1.1%. Toromont Industries's dividend payout ratio is currently 34.39%.

About Toromont Industries

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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