Toromont Industries (TSE:TIH) Shares Down 8.6% – Here’s Why

Shares of Toromont Industries Ltd. (TSE:TIH) traded down 8.6% on Monday . The stock traded as low as C$204.65 and last traded at C$206.41. 371,997 shares were traded during trading, an increase of 41% from the average daily volume of 263,023 shares. The stock had previously closed at C$225.77.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TIH. Canadian Imperial Bank of Commerce boosted their price target on shares of Toromont Industries from C$215.00 to C$240.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. BMO Capital Markets lifted their target price on shares of Toromont Industries from C$215.00 to C$228.00 in a research report on Wednesday, April 29th. Raymond James Financial raised shares of Toromont Industries from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from C$190.00 to C$235.00 in a research note on Thursday, June 18th. Scotiabank upped their price target on shares of Toromont Industries from C$229.00 to C$238.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. Finally, Scotia upped their price target on shares of Toromont Industries from C$208.00 to C$229.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 30th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Toromont Industries currently has an average rating of “Moderate Buy” and a consensus price target of C$238.67.

Toromont Industries Price Performance

The stock’s fifty day moving average price is C$225.07 and its 200-day moving average price is C$206.99. The firm has a market cap of C$16.93 billion, a PE ratio of 33.01, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, April 28th. The company reported C$1.13 earnings per share for the quarter. The firm had revenue of C$1.23 billion for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. As a group, equities analysts expect that Toromont Industries Ltd. will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Announces Dividend

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

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.