Toromont Industries (TSE:TIH) Upgraded at Scotiabank

Scotiabank upgraded shares of Toromont Industries (TSE:TIH) from a hold rating to an outperform rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has C$239.00 price target on the stock, up from their prior price target of C$238.00.

Several other analysts have also recently weighed in on TIH. Scotia boosted their price target on Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a report on Thursday, April 30th. Royal Bank Of Canada raised their price objective on shares of Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a report on Thursday. Canadian Imperial Bank of Commerce boosted their target price on shares of Toromont Industries from C$240.00 to C$242.00 in a report on Thursday. Raymond James Financial raised their price target on shares of Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, BMO Capital Markets lifted their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the stock an “outperform” rating in a report on Thursday. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$246.89.

Toromont Industries Trading Down 2.4%

Shares of Toromont Industries stock opened at C$210.87 on Thursday. The company has a market capitalization of C$17.20 billion, a price-to-earnings ratio of 33.58, a PEG ratio of 3.72 and a beta of 0.98. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. Toromont Industries has a 12-month low of C$137.41 and a 12-month high of C$243.50. The firm’s 50-day moving average price is C$224.22 and its two-hundred day moving average price is C$208.19.

Toromont Industries (TSE:TIH) last issued its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. The company had revenue of C$1.60 billion for the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. On average, analysts forecast that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.56 per share. The ex-dividend date was Friday, June 5th. This represents a $2.24 annualized dividend and a dividend yield of 1.1%. Toromont Industries’s payout ratio is currently 34.39%.

More Toromont Industries News

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

• Positive Sentiment: Scotiabank upgraded Toromont from “hold” to “outperform” and raised its price target to C$239 from C$238, indicating roughly 13% potential upside. Zacks.com
• Positive Sentiment: Raymond James raised its target to C$250 from C$235 and maintained an “outperform” rating, implying approximately 16% upside. Ticker Report
• Positive Sentiment: National Bank Financial increased its target to C$261 from C$259 and reiterated “outperform,” representing about 21% potential upside. BayStreet.CA analyst ratings
• Positive Sentiment: RBC lifted its target to C$265 from C$256 and maintained “outperform,” the highest target among the cited analysts and roughly 23% above the referenced share price. BayStreet.CA analyst ratings
• Positive Sentiment: Canaccord Genuity raised its target to C$260 from C$240 and upgraded or reaffirmed the stock at “buy,” implying approximately 20% upside. BayStreet.CA analyst ratings
• Positive Sentiment: CIBC and BMO also raised their targets, to C$242 and C$248, respectively, reinforcing a generally constructive analyst view. BayStreet.CA analyst ratings

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.