Royal Bank Of Canada Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Key Points

• Royal Bank of Canada raised its price objective on Toromont Industries to C$234.00 and kept an "outperform" rating, implying roughly a 10.75% upside from the prior close.
• Multiple analysts have lifted targets recently, leaving Toromont with a consensus rating of "Moderate Buy" and a consensus price target of C$216.44.
• Shares traded at C$211.28 (market cap ~C$17.21B) with a P/E of 34.8; the company reported C$1.13 EPS and C$1.23 billion revenue for the latest quarter.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective increased by analysts at Royal Bank Of Canada from C$207.00 to C$234.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective points to a potential upside of 10.75% from the company's previous close.

TIH has been the topic of several other research reports. Canadian Imperial Bank of Commerce raised their price objective on shares of Toromont Industries from C$172.00 to C$180.00 in a research report on Friday, February 6th. National Bank Financial upped their price objective on shares of Toromont Industries from C$208.00 to C$214.00 and gave the stock an "outperform" rating in a report on Wednesday, April 8th. Canaccord Genuity Group raised shares of Toromont Industries from a "hold" rating to a "buy" rating and increased their target price for the stock from C$200.00 to C$235.00 in a research report on Monday. Scotia boosted their price target on Toromont Industries from C$208.00 to C$229.00 and gave the stock a "sector perform" rating in a research report on Thursday. Finally, Raymond James Financial upped their price target on Toromont Industries from C$172.00 to C$180.00 in a research note on Thursday, February 12th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of C$216.44.

Toromont Industries Stock Up 0.2%

Shares of TIH stock traded up C$0.40 during trading on Thursday, hitting C$211.28. 97,729 shares of the company were exchanged, compared to its average volume of 255,282. The business's 50-day simple moving average is C$202.81 and its 200 day simple moving average is C$180.92. Toromont Industries has a twelve month low of C$108.51 and a twelve month high of C$217.97. The firm has a market capitalization of C$17.21 billion, a price-to-earnings ratio of 34.81, a P/E/G ratio of 3.72 and a beta of 0.91. The company has a debt-to-equity ratio of 25.87, a quick ratio of 1.38 and a current ratio of 2.93.

Toromont Industries (TSE:TIH - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported C$1.13 earnings per share for the quarter. The firm had revenue of C$1.23 billion for the quarter. Toromont Industries had a net margin of 9.54% and a return on equity of 15.97%. As a group, analysts forecast that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

Insider Buying and Selling at Toromont Industries

In other news, Director David Allan Malinauskas sold 972 shares of the firm's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of C$201.60, for a total value of C$195,955.20. Corporate 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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