Raymond James Analysts Lower Earnings Estimates for Toromont Industries Ltd. (TSE:TIH)

Toromont Industries Ltd. (TSE:TIH) – Analysts at Raymond James cut their Q1 2024 earnings per share (EPS) estimates for Toromont Industries in a research note issued on Thursday, April 11th. Raymond James analyst S. Hansen now forecasts that the company will post earnings of $1.12 per share for the quarter, down from their prior forecast of $1.13. Raymond James currently has a “Outperform” rating and a $135.00 price target on the stock. The consensus estimate for Toromont Industries’ current full-year earnings is $6.30 per share. Raymond James also issued estimates for Toromont Industries’ Q2 2024 earnings at $1.63 EPS, Q3 2024 earnings at $1.69 EPS and Q4 2024 earnings at $1.86 EPS.

TIH has been the topic of several other reports. Royal Bank of Canada lifted their target price on Toromont Industries from C$125.00 to C$140.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. BMO Capital Markets lifted their target price on Toromont Industries from C$124.00 to C$130.00 and gave the stock an “outperform” rating in a report on Wednesday, February 14th. CIBC lifted their target price on Toromont Industries from C$123.00 to C$130.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. TD Securities boosted their price target on Toromont Industries from C$130.00 to C$140.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Finally, Canaccord Genuity Group boosted their price target on Toromont Industries from C$123.00 to C$138.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Toromont Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of C$135.38.

Toromont Industries Stock Performance

TIH stock opened at C$130.31 on Monday. The business’s 50-day moving average price is C$126.70 and its two-hundred day moving average price is C$117.63. The company has a current ratio of 2.64, a quick ratio of 1.38 and a debt-to-equity ratio of 25.41. The firm has a market cap of C$10.73 billion, a PE ratio of 20.47, a P/E/G ratio of 3.72 and a beta of 0.72. Toromont Industries has a 1-year low of C$100.81 and a 1-year high of C$135.53.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Tuesday, February 13th. The company reported C$1.86 EPS for the quarter, topping analysts’ consensus estimates of C$1.73 by C$0.13. The business had revenue of C$1.23 billion during the quarter, compared to analysts’ expectations of C$1.19 billion. Toromont Industries had a return on equity of 21.13% and a net margin of 11.57%.

Toromont Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Thursday, April 4th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Toromont Industries’s previous quarterly dividend of $0.43. Toromont Industries’s dividend payout ratio is presently 30.09%.

Insider Buying and Selling

In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of C$128.00, for a total transaction of C$384,000.00. In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of C$128.00, for a total transaction of C$384,000.00. Also, Director David Allan Malinauskas sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of C$125.25, for a total value of C$1,089,675.00. Over the last quarter, insiders have sold 21,700 shares of company stock worth $2,727,180. Corporate 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.