Scotiabank Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its price target raised by analysts at Scotiabank from C$229.00 to C$238.00 in a research note issued on Tuesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 5.61% from the stock’s previous close.

A number of other equities research analysts also recently commented on the stock. BMO Capital Markets increased their price objective on shares of Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Raymond James Financial upgraded Toromont Industries from a “market perform” rating to an “outperform” rating and raised their price target for the company from C$190.00 to C$235.00 in a research note on Thursday, June 18th. National Bank Financial lifted their price target on Toromont Industries from C$216.00 to C$259.00 and gave the stock an “outperform” rating in a report on Tuesday, June 23rd. Scotia increased their price objective on Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Finally, Royal Bank Of Canada raised their target price on Toromont Industries from C$234.00 to C$256.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$232.00.

Toromont Industries Stock Up 1.1%

TSE TIH traded up C$2.40 during trading hours on Tuesday, hitting C$225.36. 171,159 shares of the company were exchanged, compared to its average volume of 261,457. The company has a 50 day moving average of C$221.65 and a two-hundred day moving average of C$200.71. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19. Toromont Industries has a 52-week low of C$124.56 and a 52-week high of C$243.50. The firm has a market cap of C$18.37 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 3.72 and a beta of 0.98.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share (EPS) for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The company had revenue of C$1.23 billion for the quarter. Equities research analysts anticipate 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.