Toromont Industries (TSE:TIH) Price Target Raised to C$242.00 at Canadian Imperial Bank of Commerce

Toromont Industries (TSE:TIH) had its target price lifted by investment analysts at Canadian Imperial Bank of Commerce from C$240.00 to C$242.00 in a report released on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s price target would indicate a potential upside of 13.57% from the stock’s current price.

A number of other equities analysts also recently weighed in on TIH. BMO Capital Markets boosted their target price on shares of Toromont Industries from C$215.00 to C$228.00 in a report on Wednesday, April 29th. Scotiabank lifted their price objective on shares of Toromont Industries from C$229.00 to C$238.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price objective on shares of Toromont Industries from C$234.00 to C$256.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Scotia upped their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Finally, Raymond James Financial upgraded shares of Toromont Industries from a “market perform” rating to an “outperform” rating and raised their target price for the company from C$190.00 to C$235.00 in a research note on Thursday, June 18th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$246.89.

Toromont Industries Stock Up 3.0%

TSE TIH traded up C$6.27 during trading hours on Thursday, hitting C$213.08. 213,740 shares of the company traded hands, compared to its average volume of 272,155. The business’s 50-day moving average is C$224.43 and its 200-day moving average is C$207.86. Toromont Industries has a twelve month low of C$137.41 and a twelve month high of C$243.50. The company has a debt-to-equity ratio of 25.19, a quick ratio of 1.38 and a current ratio of 3.17. The stock has a market capitalization of C$17.37 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98.

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. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%.The firm had revenue of C$1.60 billion for the quarter. Sell-side analysts anticipate that Toromont Industries will post 6.5892495 earnings per share for the current 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.