Toromont Industries (TSE:TIH) Stock Rating Upgraded by Scotiabank

Toromont Industries (TSE:TIH) was upgraded by analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a report released on Thursday,BayStreet.CA reports. The brokerage presently has a C$239.00 target price on the stock, up from their previous target price of C$238.00. Scotiabank’s price target suggests a potential upside of 12.16% from the stock’s previous close.

Several other brokerages also recently weighed in on TIH. Canadian Imperial Bank of Commerce lifted their price target on shares of Toromont Industries from C$240.00 to C$242.00 in a report on Thursday. Royal Bank Of Canada increased their price objective on shares of Toromont Industries from C$256.00 to C$265.00 and gave the stock an “outperform” rating in a research note on Thursday. Scotia raised their price objective on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. Raymond James Financial lifted their target price on shares of Toromont Industries from C$235.00 to C$250.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, National Bank Financial upped their target price on shares of Toromont Industries from C$259.00 to C$261.00 and gave the stock an “outperform” rating in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Toromont Industries presently has an average rating of “Moderate Buy” and an average target price of C$246.89.

Toromont Industries Stock Performance

Shares of TIH stock traded up C$6.27 during trading hours on Thursday, reaching C$213.08. 213,740 shares of the company traded hands, compared to its average volume of 272,155. Toromont Industries has a 12-month low of C$137.41 and a 12-month high of C$243.50. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The company has a market cap of C$17.37 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.72 and a beta of 0.98. The firm has a 50-day moving average price of C$224.43 and a 200 day moving average price of C$207.86.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share (EPS) for the quarter. The company had revenue of C$1.60 billion during the quarter. Toromont Industries had a return on equity of 16.06% and a net margin of 9.64%. As a group, sell-side analysts predict that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

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.