Raymond James Cuts Toromont Industries (TSE:TIH) Price Target to C$132.00

Toromont Industries (TSE:TIH) had its price objective trimmed by Raymond James from C$135.00 to C$132.00 in a research note released on Friday morning, BayStreet.CA reports. The firm currently has a market perform rating on the stock.

Other analysts have also recently issued reports about the company. CIBC lifted their price objective on Toromont Industries from C$123.00 to C$130.00 and gave the company a neutral rating in a research report on Thursday, February 15th. Scotiabank lifted their price target on Toromont Industries from C$125.00 to C$133.00 and gave the company a sector perform rating in a research report on Thursday, February 15th. National Bankshares reduced their price target on Toromont Industries from C$137.00 to C$132.00 and set an outperform rating on the stock in a research note on Friday. Canaccord Genuity Group raised their price objective on Toromont Industries from C$123.00 to C$138.00 and gave the company a buy rating in a research report on Thursday, February 15th. Finally, TD Securities reduced their target price on shares of Toromont Industries from C$145.00 to C$140.00 and set a buy rating on the stock in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of C$133.13.

Toromont Industries Price Performance

Shares of Toromont Industries stock opened at C$123.64 on Friday. The stock has a market capitalization of C$10.18 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 3.72 and a beta of 0.72. Toromont Industries has a one year low of C$100.81 and a one 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 business’s 50 day simple moving average is C$128.24 and its two-hundred day simple moving average is C$119.52.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Tuesday, February 13th. The company reported C$1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.73 by C$0.13. Toromont Industries had a return on equity of 21.13% and a net margin of 11.57%. The company had revenue of C$1.23 billion for the quarter, compared to the consensus estimate of C$1.19 billion. Analysts forecast that Toromont Industries will post 6.3025012 EPS for the current year.

Toromont Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Friday, June 7th. Toromont Industries’s dividend payout ratio (DPR) is presently 30.09%.

Insider Activity

In other news, Senior Officer Jennifer Cochrane sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of C$128.00, for a total transaction of C$384,000.00. In other Toromont Industries news, Senior Officer Miles Sean Ryan Gregg sold 1,900 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of C$126.45, for a total transaction of C$240,255.00. Also, Senior Officer Jennifer Cochrane sold 3,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of C$128.00, for a total value of C$384,000.00. In the last ninety days, insiders sold 21,700 shares of company stock worth $2,727,180. 0.27% of the stock is currently owned by insiders.

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.