Toromont Industries (TSE:TIH) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Key Points

• BMO Capital Markets raised Toromont Industries’ price target from C$247 to C$248 and maintained an “outperform” rating, implying 16.39% upside from the prior close.
• Analyst sentiment is broadly positive: seven analysts rate the stock “Buy” and two rate it “Hold,” producing a consensus “Moderate Buy” rating and an average target of C$246.89.
• Toromont shares rose 3.0% to C$213.08, while the company reported quarterly revenue of C$1.60 billion and earnings of C$2.20 per share.

Toromont Industries (TSE:TIH - Get Free Report) had its price target boosted by BMO Capital Markets from C$247.00 to C$248.00 in a research report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. BMO Capital Markets' price target suggests a potential upside of 16.39% from the stock's previous close.

Several other analysts have also recently commented on TIH. Scotia upped their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a "sector perform" rating in a research report on Thursday, April 30th. National Bank Financial lifted their price objective on Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a research note on Thursday. Canaccord Genuity Group upgraded Toromont Industries from a "hold" rating to a "buy" rating and upped their price objective for the company from C$200.00 to C$235.00 in a report on Monday, April 27th. Scotiabank increased their target price on Toromont Industries from C$229.00 to C$238.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada raised their target price on Toromont Industries from C$256.00 to C$265.00 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 given a Hold rating to the stock. According to MarketBeat, Toromont Industries currently has an average rating of "Moderate Buy" and a consensus price target of C$246.89.

Toromont Industries Trading Up 3.0%

Shares of TSE:TIH traded up C$6.27 during trading on Thursday, hitting C$213.08. 213,740 shares of the company's stock were exchanged, compared to its average volume of 272,155. The company has a current ratio of 3.17, a quick ratio of 1.38 and a debt-to-equity ratio of 25.19. The firm has a market cap of C$17.37 billion, a P/E ratio of 33.88, a PEG ratio of 3.72 and a beta of 0.98. The firm has a 50-day moving average price of C$224.43 and a two-hundred day moving average price of C$207.86. 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 announced its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The business had revenue of C$1.60 billion for the quarter. Equities analysts predict 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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