Toromont Industries (TSE:TIH) Posts Earnings Results

Toromont Industries (TSE:TIH) announced its quarterly earnings results on Monday. The company reported C$2.33 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of C$1.65 billion during the quarter. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%.

Toromont Industries Stock Down 0.2%

Shares of TIH traded down C$0.44 during mid-day trading on Monday, hitting C$193.06. 343,770 shares of the company’s stock were exchanged, compared to its average volume of 279,739. The company has a market cap of C$15.75 billion, a price-to-earnings ratio of 30.74, a P/E/G ratio of 3.72 and a beta of 0.83. Toromont Industries has a fifty-two week low of C$153.95 and a fifty-two week high of C$243.50. The company has a debt-to-equity ratio of 24.76, a quick ratio of 1.38 and a current ratio of 2.73. The stock’s 50-day moving average is C$209.61 and its 200-day moving average is C$209.23.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, October 2nd were paid a dividend of $0.56 per share. The ex-dividend date was Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a yield of 1.2%. Toromont Industries’s dividend payout ratio is 34.39%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TIH shares. Canadian Imperial Bank of Commerce upped their price objective on Toromont Industries from C$240.00 to C$242.00 in a report on Thursday, July 30th. Royal Bank Of Canada raised their target price on Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Canaccord Genuity Group lifted their target price on Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Raymond James Financial raised their price objective on Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, BMO Capital Markets upped their target price on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Toromont Industries has an average rating of “Moderate Buy” and a consensus price target of C$247.20.

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.