Toromont Industries (TSE:TIH) Stock Gets Price Target Trim from Canaccord Genuity Group

Toromont Industries (TSE:TIH) had its price target lowered by Canaccord Genuity Group from C$260.00 to C$250.00 in a research report report published on Wednesday,BayStreet reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. National Bank Financial raised their price target on Toromont Industries from C$259.00 to C$261.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. BMO Capital Markets boosted their price objective on Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank raised Toromont Industries from a “hold” rating to an “outperform” rating and increased their target price for the stock from C$238.00 to C$239.00 in a research note on Thursday, July 30th. Stifel Nicolaus set a C$250.00 target price on Toromont Industries and gave the company a “buy” rating in a report on Wednesday, September 30th. Finally, Raymond James Financial lifted their target price on Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of C$246.60.

Toromont Industries Trading Down 2.6%

Shares of Toromont Industries stock traded down C$4.89 on Wednesday, reaching C$184.15. The company had a trading volume of 484,594 shares, compared to its average volume of 284,114. The company has a debt-to-equity ratio of 23.71, a quick ratio of 1.38 and a current ratio of 2.79. The firm has a market cap of C$15.03 billion, a PE ratio of 26.73, a PEG ratio of 3.72 and a beta of 0.67. The firm’s 50 day moving average price is C$208.66 and its two-hundred day moving average price is C$209.75. Toromont Industries has a 52-week low of C$155.85 and a 52-week high of C$243.50.

Toromont Industries (TSE:TIH) last posted its earnings results on Monday, November 2nd. The company reported C$2.33 earnings per share for the quarter. The firm had revenue of C$1.65 billion during the quarter. Toromont Industries had a net margin of 9.60% and a return on equity of 16.55%. Sell-side analysts predict that Toromont Industries will post 6.59 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, October 2nd were given a $0.56 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.2%. Toromont Industries’s dividend payout ratio is currently 31.93%.

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.