Raymond James Financial Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its target price boosted by equities research analysts at Raymond James Financial from C$235.00 to C$250.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James Financial’s target price would suggest a potential upside of 17.33% from the company’s current price.

Other analysts have also issued reports about the company. Scotiabank boosted their price target on Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. BMO Capital Markets increased their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research note on Thursday. Canadian Imperial Bank of Commerce lifted their target price on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday. Royal Bank Of Canada lifted their target price on shares of Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, National Bank Financial boosted their price target on Toromont Industries from C$259.00 to C$261.00 and gave the company an “outperform” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$246.89.

Toromont Industries Trading Up 3.0%

Shares of TIH stock traded up C$6.27 on Thursday, reaching C$213.08. 213,740 shares of the stock were exchanged, compared to its average volume of 272,155. The stock has a market cap of C$17.37 billion, a PE ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98. Toromont Industries has a one year low of C$137.41 and a one year high of C$243.50. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The stock has a 50 day moving average price of C$224.43 and a 200 day moving average price of C$207.86.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. The company had revenue of C$1.60 billion for the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. Equities research analysts forecast that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

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.