Toromont Industries Ltd (TIH) Price Target Raised to C$58.00 at Canaccord Genuity
Toromont Industries Ltd (TSE:TIH) had its price objective raised by Canaccord Genuity from C$50.00 to C$58.00 in a research note published on Tuesday. The brokerage currently has a buy rating on the stock.
A number of other research analysts have also recently weighed in on TIH. National Bank Financial raised shares of Toromont Industries from a sector perform rating to an outperform rating and lifted their price objective for the company from C$46.00 to C$52.00 in a report on Thursday, June 1st. Scotiabank reaffirmed a sector perform rating and issued a C$48.50 price objective on shares of Toromont Industries in a report on Wednesday, July 26th. TD Securities lifted their price objective on shares of Toromont Industries from C$47.00 to C$48.00 and gave the company a hold rating in a report on Thursday, July 27th. Finally, Raymond James Financial, Inc. lifted their price objective on shares of Toromont Industries from C$55.00 to C$58.50 and gave the company an outperform rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Toromont Industries has a consensus rating of Buy and a consensus target price of C$52.50.
Toromont Industries (TSE TIH) opened at 54.75 on Tuesday. The company has a market capitalization of $4.30 billion and a price-to-earnings ratio of 27.00. Toromont Industries has a one year low of $37.59 and a one year high of $55.06. The firm’s 50-day moving average price is $45.98 and its 200 day moving average price is $46.38.
Toromont Industries (TSE:TIH) last released its quarterly earnings data on Tuesday, July 25th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by $0.04. Toromont Industries had a net margin of 7.62% and a return on equity of 17.80%. The firm had revenue of $530.93 million during the quarter, compared to analysts’ expectations of $550.60 million. On average, equities research analysts expect that Toromont Industries will post $2.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a $0.19 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.76 annualized dividend and a dividend yield of 1.39%.
Toromont Industries Company Profile
Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment is involved in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in a variety of applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.
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