CIBC Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

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

TIH has been the subject of several other research reports. Scotiabank cut their price objective on Toromont Industries from C$136.00 to C$132.00 in a report on Wednesday, November 6th. Royal Bank of Canada cut their price objective on Toromont Industries from C$142.00 to C$138.00 in a report on Wednesday, November 6th. National Bankshares cut their price objective on Toromont Industries from C$135.00 to C$132.00 in a report on Tuesday, November 5th. Raymond James cut their price objective on Toromont Industries from C$132.00 to C$122.00 in a report on Wednesday, November 6th. Finally, National Bank Financial raised Toromont Industries from a “hold” rating to a “strong-buy” rating in a report on Sunday, December 15th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Toromont Industries presently has an average rating of “Moderate Buy” and a consensus price target of C$135.13.

Toromont Industries Trading Down 0.9 %

TSE:TIH opened at C$114.90 on Monday. Toromont Industries has a twelve month low of C$109.83 and a twelve month high of C$135.53. The company has a quick ratio of 1.38, a current ratio of 2.64 and a debt-to-equity ratio of 24.08. The business has a 50 day moving average price of C$114.94 and a two-hundred day moving average price of C$121.51. The company has a market cap of C$9.41 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68.

Toromont Industries (TSE:TIH) last released 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 return on equity of 19.65% and a net margin of 10.86%. During the same period last year, the company posted $1.76 EPS. As a group, analysts expect that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, January 6th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, December 6th. Toromont Industries’s dividend payout ratio is 30.62%.

Insiders Place Their Bets

In related news, Director Jeffrey Scott Chisholm purchased 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average price of C$111.45 per share, for a total transaction of C$501,525.00. Company insiders own 0.27% of the company’s stock.

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.