Toromont Industries (TSE:TIH) Stock Gets Price Target Reduction from Royal Bank Of Canada

Toromont Industries (TSE:TIH) had its price target cut by Royal Bank Of Canada from C$265.00 to C$261.00 in a research report report published on Tuesday,BayStreet reports. They currently have an outperform rating on the stock.

Several other analysts have also commented on TIH. Stifel Nicolaus set a C$250.00 target price on Toromont Industries and gave the stock a “buy” rating in a report on Wednesday, September 30th. Raymond James Financial lifted their price target 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. Canaccord Genuity Group boosted their price target on Toromont Industries from C$240.00 to C$260.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Scotiabank upgraded Toromont Industries from a “hold” rating to an “outperform” rating and upped their price objective for the stock from C$238.00 to C$239.00 in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce upped their price objective on Toromont Industries from C$240.00 to C$242.00 in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$246.60.

Toromont Industries Price Performance

TSE:TIH opened at C$189.04 on Tuesday. Toromont Industries has a one year low of C$155.85 and a one year high of C$243.50. 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$15.43 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 3.72 and a beta of 0.67. The firm’s fifty day moving average is C$209.08 and its two-hundred day moving average is C$209.71.

Toromont Industries (TSE:TIH) last released its quarterly earnings data on Monday, November 2nd. The company reported C$2.33 earnings per share for the quarter. The business had revenue of C$1.65 billion during the quarter. Toromont Industries had a return on equity of 16.55% and a net margin of 9.60%. Research analysts expect that Toromont Industries will post 6.59 EPS for the current year.

Toromont Industries Dividend Announcement

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 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 31.93%.

Key Stories Impacting Toromont Industries

Here are the key news stories impacting Toromont Industries this week:

• Positive Sentiment: Toromont’s order backlog reportedly ballooned to C$2.9 billion—more than double the year-earlier level—an indicator of stronger forward demand. The headline said the stock jumped following the backlog news. Toromont Stock Jumps 8% as Its Order Backlog Balloons
• Positive Sentiment: Third-quarter earnings increased year over year, offering a favorable operating update. Toromont Industries Q3 Earnings Rise YoY
• Positive Sentiment: CIBC upgraded Toromont from “hold” to “strong buy,” signaling improved analyst conviction. CIBC stock recommendations
• Positive Sentiment: Stifel raised its price target to C$260 and kept a “buy” rating; Scotiabank raised its target to C$244 and maintained “sector outperform.” National Bank Financial and Canaccord also retained positive ratings, despite trimming their targets.
• Negative Sentiment: RBC issued a pessimistic forecast for TIH, which may be weighing on sentiment alongside the target reductions from National Bank Financial and Canaccord. The available report does not specify RBC’s forecast details. RBC Issues Pessimistic Forecast for Toromont

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.