Toromont Industries (TSE:TIH) Stock Rating Raised to “Strong-Buy” at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce upgraded shares of Toromont Industries (TSE:TIH) from a hold rating to a strong-buy rating in a report published on Tuesday morning,Zacks reports.

A number of other research analysts have also recently issued reports on TIH. Royal Bank Of Canada dropped their target price on shares of Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating for the company in a report on Tuesday. National Bank Financial decreased their price target on Toromont Industries from C$261.00 to C$254.00 and set an “outperform” rating on the stock in a research note on Wednesday. Raymond James Financial upped their price target on Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Canaccord Genuity Group lowered their price target on Toromont Industries from C$260.00 to C$250.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, BMO Capital Markets raised their price objective on Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$246.60.

Toromont Industries Stock Performance

Shares of TIH opened at C$198.13 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 2.79 and a debt-to-equity ratio of 23.71. Toromont Industries has a 52-week low of C$155.85 and a 52-week high of C$243.50. The company has a 50-day simple moving average of C$209.37 and a 200-day simple moving average of C$209.65. The company has a market capitalization of C$16.16 billion, a PE ratio of 31.55, a P/E/G ratio of 3.72 and a beta of 0.83.

Toromont Industries (TSE:TIH) last released its quarterly earnings data on Monday, November 2nd. The company reported C$2.33 EPS for the quarter. The firm had revenue of C$1.65 billion for the quarter. Toromont Industries had a net margin of 9.60% and a return on equity of 16.55%. Equities research analysts predict that Toromont Industries will post 6.59 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, October 2nd were given a $0.56 dividend. The ex-dividend date was Friday, September 4th. This represents a $2.24 annualized dividend and a dividend yield of 1.1%. Toromont Industries’s payout ratio is currently 34.39%.

Toromont Industries News Summary

Here are the key news stories impacting Toromont Industries this week:

• Positive Sentiment: Toromont’s order backlog reached C$2.9 billion, more than double the year-earlier level, a sign of stronger demand and future revenue visibility. Toromont Stock Jumps 8% as Its Order Backlog Balloons to $2.9 Billion
• Positive Sentiment: Q3 earnings increased year over year, providing a further fundamental positive for investors. Toromont Industries Q3 Earnings Rise YoY
• Positive Sentiment: CIBC upgraded TIH from “hold” to “strong-buy.” Stifel also raised its target to C$260, while Scotiabank lifted its target to C$244; both maintained positive ratings.
• Neutral Sentiment: Analyst views were not uniformly more bullish: National Bank Financial and Canaccord lowered their price targets, but kept “outperform” and “buy” ratings, respectively.
• Negative Sentiment: A headline reported a pessimistic RBC forecast. RBC reduced its target from C$265 to C$261, although it retained an “outperform” rating. Royal Bank Of Canada Issues Pessimistic Forecast for Toromont Industries

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.