Scotiabank Cuts Toromont Industries (TSE:TIH) Price Target to C$125.00

Toromont Industries (TSE:TIH) had its price target lowered by Scotiabank from C$133.00 to C$125.00 in a report released on Friday, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

Other research analysts have also issued reports about the company. CIBC reduced their target price on Toromont Industries from C$130.00 to C$128.00 and set a neutral rating on the stock in a research report on Friday. TD Securities cut their price objective on Toromont Industries from C$145.00 to C$140.00 and set a buy rating for the company in a research note on Friday. Raymond James cut their price objective on shares of Toromont Industries from C$135.00 to C$132.00 and set a market perform rating for the company in a report on Friday. National Bankshares reduced their price target on Toromont Industries from C$137.00 to C$132.00 and set an outperform rating on the stock in a report on Friday. Finally, Canaccord Genuity Group increased their price objective on Toromont Industries from C$123.00 to C$138.00 and gave the stock a buy rating in a research report on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of C$133.13.

Toromont Industries Stock Performance

Shares of Toromont Industries stock opened at C$123.64 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.64 and a debt-to-equity ratio of 25.41. The stock’s fifty day moving average is C$128.24 and its two-hundred day moving average is C$119.52. Toromont Industries has a 52 week low of C$100.81 and a 52 week high of C$135.53. The company has a market capitalization of C$10.18 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.72 and a beta of 0.72.

Toromont Industries (TSE:TIH) last announced its quarterly earnings results on Tuesday, February 13th. The company reported C$1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.73 by C$0.13. The firm had revenue of C$1.23 billion during the quarter, compared to analyst estimates of C$1.19 billion. Toromont Industries had a return on equity of 21.13% and a net margin of 11.57%. As a group, analysts expect that Toromont Industries will post 6.3025012 earnings per share for the current year.

Toromont Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 7th will be given a $0.48 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.92 annualized dividend and a yield of 1.55%. Toromont Industries’s dividend payout ratio is presently 30.09%.

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 8,700 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of C$125.25, for a total value of C$1,089,675.00. In other news, Director David Allan Malinauskas sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of C$125.25, for a total transaction of C$1,089,675.00. Also, Director William John Harvey sold 300 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of C$125.90, for a total value of C$37,770.00. Insiders have sold a total of 21,700 shares of company stock worth $2,727,180 in the last quarter. 0.27% of the stock is owned by company insiders.

Toromont Industries Company Profile

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.