Toromont Industries Ltd (TIH) Stock Rating Upgraded by TD Securities
TD Securities upgraded shares of Toromont Industries Ltd (TSE:TIH) from a hold rating to a buy rating in a report released on Wednesday, StockTargetPrices.com reports. The brokerage currently has C$65.00 price target on the stock, up from their prior price target of C$48.00.
Several other analysts have also issued reports on TIH. National Bank Financial upgraded shares of Toromont Industries from a sector perform rating to an outperform rating and raised their price target for the stock from C$46.00 to C$52.00 in a research report on Thursday, June 1st. Scotiabank restated a sector perform rating and issued a C$48.50 price target on shares of Toromont Industries in a research report on Wednesday, July 26th. Raymond James Financial, Inc. raised their price target on shares of Toromont Industries from C$55.00 to C$58.50 and gave the stock an outperform rating in a research report on Tuesday, August 29th. Finally, Canaccord Genuity raised their price target on shares of Toromont Industries from C$50.00 to C$58.00 and gave the stock a buy rating in a research report on Tuesday, August 29th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Toromont Industries has a consensus rating of Buy and a consensus price target of C$55.64.
Toromont Industries (TSE:TIH) opened at 57.68 on Wednesday. Toromont Industries has a 52-week low of $38.35 and a 52-week high of $58.09. The firm has a 50-day moving average of $49.03 and a 200-day moving average of $47.21. The stock has a market capitalization of $4.53 billion and a PE ratio of 28.44.
Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, July 25th. The company reported C$0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.55 by C($0.04). The company had revenue of C$530.93 million during the quarter, compared to analyst estimates of C$550.60 million. Toromont Industries had a return on equity of 17.80% and a net margin of 7.62%. On average, equities analysts expect that Toromont Industries will post $2.13 EPS for the current year.
The firm 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 dividend of $0.19 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.76 annualized dividend and a dividend yield of 1.32%.
In other news, Director Randall Casson sold 8,000 shares of Toromont Industries stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of C$53.60, for a total transaction of C$428,800.00. Also, insider Paul Randolph Jewer sold 500 shares of Toromont Industries stock in a transaction dated Friday, September 8th. The shares were sold at an average price of C$52.90, for a total transaction of C$26,450.00. Over the last quarter, insiders have sold 35,348 shares of company stock worth $1,936,950.
About Toromont Industries
Toromont Industries Ltd is a Canada-based company, which operates through two segments: Equipment Group and CIMCO. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd.
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