Toromont Industries (TSE:TIH) Price Target Raised to C$260.00

Key Points

• Canaccord Genuity raised Toromont Industries’ price target to C$260 from C$240 and maintained a “buy” rating, implying 22.02% upside from the previous close.
• Analyst sentiment remains positive, with seven “buy” ratings and two “hold” ratings; the consensus target is C$246.89, led by RBC’s C$265 objective.
• Toromont reported quarterly EPS of C$2.20 on C$1.60 billion in revenue. Shares closed at C$213.08 after rising C$6.27, while the company’s market capitalization stood at about C$17.37 billion.

Toromont Industries (TSE:TIH - Get Free Report) had its target price lifted by equities research analysts at Canaccord Genuity Group from C$240.00 to C$260.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 22.02% from the stock's previous close.

Several other analysts also recently commented on TIH. Scotiabank upped their price objective on shares of Toromont Industries from C$229.00 to C$238.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Canadian Imperial Bank of Commerce upped their price target on shares of Toromont Industries from C$240.00 to C$242.00 in a report on Thursday. Royal Bank Of Canada lifted their price objective on Toromont Industries from C$256.00 to C$265.00 and gave the company an "outperform" rating in a research note on Thursday. Raymond James Financial raised Toromont Industries from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from C$190.00 to C$235.00 in a report on Thursday, June 18th. Finally, National Bank Financial raised their target price on Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Toromont Industries has an average rating of "Moderate Buy" and a consensus target price of C$246.89.

Toromont Industries Stock Performance

Toromont Industries stock traded up C$6.27 during trading hours on Thursday, hitting C$213.08. 213,740 shares of the stock traded hands, compared to its average volume of 272,155. The firm's 50 day moving average price is C$224.43 and its 200-day moving average price is C$207.86. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The stock has a market capitalization of C$17.37 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98. Toromont Industries has a 1 year low of C$137.41 and a 1 year high of C$243.50.

Toromont Industries (TSE:TIH - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported C$2.20 EPS for the quarter. The firm had revenue of C$1.60 billion during the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. As a group, equities analysts expect that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Company Profile

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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