Toromont Industries (TSE:TIH) Raised to Strong-Buy at Canadian Imperial Bank of Commerce

Toromont Industries (TSE:TIH) was upgraded by Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday, Zacks reports.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada cut their price objective on Toromont Industries from C$265.00 to C$261.00 and set an “outperform” rating on the stock in a report on Tuesday. BMO Capital Markets increased their target price on Toromont Industries from C$247.00 to C$248.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Canaccord Genuity Group dropped their target price on shares of Toromont Industries from C$260.00 to C$250.00 and set a “buy” rating on the stock in a report on Wednesday. National Bank Financial lowered their price objective on shares of Toromont Industries from C$261.00 to C$254.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Raymond James Financial raised their price objective on shares of Toromont Industries from C$235.00 to C$250.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of C$246.60.

Toromont Industries Stock Down 5.4%

TSE:TIH opened at C$198.13 on Tuesday. Toromont Industries has a 1 year low of C$155.85 and a 1 year high of C$243.50. The company has a current ratio of 2.79, a quick ratio of 1.38 and a debt-to-equity ratio of 23.71. The stock has a market cap of C$16.16 billion, a price-to-earnings ratio of 31.55, a PEG ratio of 3.72 and a beta of 0.83. The stock has a 50-day moving average price of C$209.37 and a two-hundred day moving average price of C$209.65.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Monday, November 2nd. The company reported C$2.33 earnings per share (EPS) for the quarter. The company 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%. As a group, equities analysts expect that Toromont Industries will post 6.59 earnings per share for the current year.

Key Toromont Industries News

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

• Positive Sentiment: Toromont’s order backlog reached C$2.9 billion, more than double the year-earlier level, a sign of stronger demand and future revenue visibility. Toromont Stock Jumps 8% as Its Order Backlog Balloons to $2.9 Billion
• Positive Sentiment: Q3 earnings increased year over year, providing a further fundamental positive for investors. Toromont Industries Q3 Earnings Rise YoY
• Positive Sentiment: CIBC upgraded TIH from “hold” to “strong-buy.” Stifel also raised its target to C$260, while Scotiabank lifted its target to C$244; both maintained positive ratings.
• Neutral Sentiment: Analyst views were not uniformly more bullish: National Bank Financial and Canaccord lowered their price targets, but kept “outperform” and “buy” ratings, respectively.
• Negative Sentiment: A headline reported a pessimistic RBC forecast. RBC reduced its target from C$265 to C$261, although it retained an “outperform” rating. Royal Bank Of Canada Issues Pessimistic Forecast for Toromont Industries

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.