CIBC Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its target price increased by CIBC from C$128.00 to C$129.00 in a report published on Monday morning,BayStreet.CA reports.

A number of other brokerages also recently weighed in on TIH. National Bank Financial upgraded shares of Toromont Industries from a “hold” rating to a “strong-buy” rating in a report on Sunday, December 15th. Raymond James lowered their price objective on shares of Toromont Industries from C$132.00 to C$122.00 in a research note on Wednesday, November 6th. Scotiabank cut their target price on shares of Toromont Industries from C$136.00 to C$132.00 in a research note on Wednesday, November 6th. BMO Capital Markets lowered their price target on Toromont Industries from C$143.00 to C$140.00 in a research report on Wednesday, November 6th. Finally, National Bankshares cut their price objective on Toromont Industries from C$135.00 to C$132.00 in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Toromont Industries has a consensus rating of “Moderate Buy” and an average target price of C$135.13.

Toromont Industries Trading Up 2.0 %

Toromont Industries stock opened at C$116.83 on Monday. The company has a debt-to-equity ratio of 24.08, a current ratio of 2.64 and a quick ratio of 1.38. The firm has a 50-day moving average of C$114.96 and a 200-day moving average of C$121.37. The company has a market cap of C$9.57 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 3.72 and a beta of 0.68. Toromont Industries has a one year low of C$109.83 and a one year high of C$135.53.

Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Monday, November 4th. The company reported C$1.59 earnings per share for the quarter, missing analysts’ consensus estimates of C$1.67 by C($0.08). Toromont Industries had a net margin of 10.86% and a return on equity of 19.65%. During the same period in the prior year, the company earned $1.76 earnings per share. On average, equities analysts expect that Toromont Industries will post 6.5892495 earnings per share for the current fiscal year.

Toromont Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, January 6th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.92 annualized dividend and a yield of 1.64%. Toromont Industries’s payout ratio is currently 30.62%.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director Jeffrey Scott Chisholm acquired 4,500 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was purchased at an average price of C$111.45 per share, with a total value of C$501,525.00. 0.27% of the stock is currently owned by corporate insiders.

About Toromont Industries

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.