Toromont Industries (TSE:TIH) Announces Quarterly Earnings Results

Toromont Industries (TSE:TIH) posted its earnings results on Tuesday. The company reported C$2.20 earnings per share for the quarter, FiscalAI reports. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The company had revenue of C$1.60 billion for the quarter.

Toromont Industries Stock Down 1.2%

Shares of TSE TIH opened at C$206.81 on Thursday. Toromont Industries has a 12-month low of C$132.17 and a 12-month high of C$243.50. The firm’s 50-day simple moving average is C$224.43 and its 200 day simple moving average is C$207.86. The company has a quick ratio of 1.38, a current ratio of 3.17 and a debt-to-equity ratio of 25.19. The company has a market cap of C$16.86 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98.

Toromont Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, July 2nd were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.24 dividend on an annualized basis and a yield of 1.1%. Toromont Industries’s payout ratio is currently 33.70%.

Analyst Ratings Changes

Several research firms have recently weighed in on TIH. Canadian Imperial Bank of Commerce increased their price objective on Toromont Industries from C$215.00 to C$240.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Canaccord Genuity Group raised shares of Toromont Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from C$200.00 to C$235.00 in a research report on Monday, April 27th. National Bank Financial upped their target price on shares of Toromont Industries from C$216.00 to C$259.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. 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 note on Thursday, April 30th. Finally, Raymond James Financial raised shares of Toromont Industries from a “market perform” rating to an “outperform” rating and increased their price target for the company from C$190.00 to C$235.00 in a report on Thursday, June 18th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$238.67.

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.