Royal Bank Of Canada Increases Toromont Industries (TSE:TIH) Price Target to C$265.00

Key Points

• Royal Bank of Canada raised Toromont Industries’ price target from C$256 to C$265 and maintained an “outperform” rating, implying 24.37% potential upside from the current price.
• Analyst sentiment remains favorable, with seven “Buy” ratings and two “Hold” ratings; the consensus is “Moderate Buy” with an average target price of C$246.89.
• Toromont reported quarterly revenue of C$1.60 billion and EPS of C$2.20, alongside a 9.64% net margin and 16.06% return on equity.

Toromont Industries (TSE:TIH - Get Free Report) had its price target raised by research analysts at Royal Bank Of Canada from C$256.00 to C$265.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 24.37% from the stock's current price.

TIH has been the topic of a number of other reports. Scotia boosted their target price 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, April 30th. Canadian Imperial Bank of Commerce raised their price target on Toromont Industries from C$240.00 to C$242.00 in a report on Thursday. Raymond James Financial upgraded shares of Toromont Industries from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from C$190.00 to C$235.00 in a research report on Thursday, June 18th. National Bank Financial lifted their price objective on shares of Toromont Industries from C$216.00 to C$259.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 23rd. Finally, BMO Capital Markets boosted their target price on shares of Toromont Industries from C$215.00 to C$228.00 in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Toromont Industries currently has a consensus rating of "Moderate Buy" and an average target price of C$246.89.

Toromont Industries Price Performance

Shares of TIH stock traded up C$6.27 during mid-day trading on Thursday, hitting C$213.08. The company had a trading volume of 213,740 shares, compared to its average volume of 272,155. The company has a market capitalization of C$17.37 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98. The stock's 50 day moving average price is C$224.43 and its 200-day moving average price is C$207.86. Toromont Industries has a 52-week low of C$137.41 and a 52-week high of C$243.50. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38.

Toromont Industries (TSE:TIH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The company had revenue of C$1.60 billion for the quarter. Equities research analysts forecast that Toromont Industries will post 6.5892495 earnings per share for the current year.

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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