Toromont Industries (TSE:TIH) Announces Quarterly Earnings Results

Toromont Industries (TSE:TIH) issued its quarterly earnings results on Monday. The company reported C$2.33 earnings per share for the quarter, FiscalAI reports. Toromont Industries had a net margin of 9.26% and a return on equity of 15.53%. The firm had revenue of C$1.65 billion during the quarter.

Toromont Industries Stock Up 8.5%

Toromont Industries stock opened at C$209.40 on Wednesday. The company has a debt-to-equity ratio of 24.76, a quick ratio of 1.38 and a current ratio of 2.73. The firm has a market capitalization of C$17.08 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 3.72 and a beta of 0.83. Toromont Industries has a fifty-two week low of C$153.95 and a fifty-two week high of C$243.50. The stock’s fifty day moving average is C$209.47 and its two-hundred day moving average is C$209.53.

Toromont Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, October 2nd were issued a $0.56 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.24 annualized dividend and a yield of 1.1%. Toromont Industries’s dividend payout ratio is 34.39%.

Analysts Set New Price Targets

Several research firms have commented on TIH. BMO Capital Markets upped their price objective on Toromont Industries from C$247.00 to C$248.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Stifel Nicolaus set a C$250.00 price target on Toromont Industries and gave the stock a “buy” rating in a report on Wednesday, September 30th. National Bank Financial increased their price target 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, July 30th. Raymond James Financial boosted their target price on Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, Scotiabank raised shares of Toromont Industries from a “hold” rating to an “outperform” rating and increased their target price for the company from C$238.00 to C$239.00 in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$246.80.

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.