Toromont Industries Ltd. (TSE:TIH) Stock Has Average Target Price of C$247.20 According to Brokerages

Toromont Industries Ltd. (TSE:TIH) has received a consensus rating of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is C$247.20.

Several brokerages recently weighed in on TIH. Royal Bank Of Canada increased their target price on Toromont Industries from C$256.00 to C$265.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. National Bank Financial boosted their price objective on Toromont Industries from C$259.00 to C$261.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Raymond James Financial increased their price objective on shares of Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce lifted their price objective on Toromont Industries from C$240.00 to C$242.00 in a research note on Thursday, July 30th. Finally, Scotiabank upgraded shares of Toromont Industries from a “hold” rating to an “outperform” rating and upped their price objective for the company from C$238.00 to C$239.00 in a research report on Thursday, July 30th.

Toromont Industries Price Performance

TSE TIH opened at C$213.20 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. Toromont Industries has a 12-month low of C$153.50 and a 12-month high of C$243.50. The company has a 50 day moving average price of C$211.84 and a two-hundred day moving average price of C$216.18. The stock has a market capitalization of C$17.39 billion, a PE ratio of 33.95, a price-to-earnings-growth ratio of 3.72 and a beta of 0.83.

Toromont Industries (TSE:TIH) last posted its earnings results on Tuesday, July 28th. The company reported C$2.20 EPS for the quarter. The firm had revenue of C$1.60 billion for the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. As a group, equities analysts predict that Toromont Industries will post 6.59 earnings per share for the current fiscal year.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, October 2nd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a yield of 1.1%. Toromont Industries’s dividend payout ratio is 34.39%.

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.