Raymond James Comments on Toromont Industries Ltd.’s Q1 2024 Earnings (TSE:TIH)

Toromont Industries Ltd. (TSE:TIH) – Raymond James dropped their Q1 2024 earnings estimates for Toromont Industries in a report released on Thursday, April 11th. Raymond James analyst S. Hansen now expects that the company will earn $1.12 per share for the quarter, down from their previous estimate of $1.13. Raymond James currently has a “Outperform” rating and a $135.00 target price on the stock. The consensus estimate for Toromont Industries’ current full-year earnings is $6.30 per share. Raymond James also issued estimates for Toromont Industries’ Q2 2024 earnings at $1.63 EPS, Q3 2024 earnings at $1.69 EPS and Q4 2024 earnings at $1.86 EPS.

Toromont Industries (TSE:TIH) last issued its quarterly earnings data on Tuesday, February 13th. The company reported C$1.86 EPS for the quarter, beating the consensus estimate of C$1.73 by C$0.13. Toromont Industries had a net margin of 11.57% and a return on equity of 21.13%. The firm had revenue of C$1.23 billion during the quarter, compared to the consensus estimate of C$1.19 billion.

Other equities analysts have also recently issued research reports about the stock. National Bankshares set a C$137.00 price target on shares of Toromont Industries and gave the company an “outperform” rating in a research report on Thursday, February 15th. Royal Bank of Canada boosted their price target on shares of Toromont Industries from C$125.00 to C$140.00 and gave the company an “outperform” rating in a research report on Thursday, February 15th. BMO Capital Markets boosted their price target on shares of Toromont Industries from C$124.00 to C$130.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. CIBC upped their price objective on shares of Toromont Industries from C$123.00 to C$130.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Finally, TD Securities upped their price objective on shares of Toromont Industries from C$130.00 to C$140.00 and gave the stock a “buy” rating in a report on Thursday, February 15th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$135.38.

Toromont Industries Price Performance

Shares of TSE TIH opened at C$130.31 on Monday. Toromont Industries has a 1 year low of C$100.81 and a 1 year high of C$135.53. The company has a debt-to-equity ratio of 25.41, a current ratio of 2.64 and a quick ratio of 1.38. The company’s 50-day moving average is C$126.70 and its 200 day moving average is C$117.63. The stock has a market capitalization of C$10.73 billion, a P/E ratio of 20.47, a P/E/G ratio of 3.72 and a beta of 0.72.

Toromont Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Thursday, April 4th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Thursday, March 7th. This is an increase from Toromont Industries’s previous quarterly dividend of $0.43. Toromont Industries’s dividend payout ratio is currently 30.09%.

Insider Transactions at Toromont Industries

In related news, Senior Officer Jennifer Cochrane sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of C$125.00, for a total value of C$375,000.00. In other news, Director David Allan Malinauskas sold 8,700 shares of Toromont Industries stock in a transaction on Friday, February 16th. The shares were sold at an average price of C$125.25, for a total transaction of C$1,089,675.00. Also, Senior Officer Jennifer Cochrane sold 3,000 shares of Toromont Industries stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of C$125.00, for a total transaction of C$375,000.00. Over the last 90 days, insiders have sold 21,700 shares of company stock worth $2,727,180. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.