Toromont Industries (TSE:TIH) Rating Increased to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Toromont Industries (TSE:TIH) from a hold rating to a buy rating in a report released on Monday,BayStreet.CA reports. Canaccord Genuity Group currently has C$235.00 price target on the stock, up from their previous price target of C$200.00.

TIH has been the topic of several other research reports. BMO Capital Markets lifted their price objective on Toromont Industries from C$210.00 to C$215.00 in a report on Tuesday, April 7th. Royal Bank Of Canada lifted their price objective on Toromont Industries from C$180.00 to C$207.00 in a report on Thursday, February 12th. Canadian Imperial Bank of Commerce lifted their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Friday, February 6th. Raymond James Financial lifted their price objective on Toromont Industries from C$172.00 to C$180.00 in a report on Thursday, February 12th. Finally, Scotiabank lifted their price objective on Toromont Industries from C$181.00 to C$208.00 in a report on Wednesday, February 18th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$208.38.

Toromont Industries Price Performance

Shares of TSE:TIH opened at C$210.98 on Monday. Toromont Industries has a 1-year low of C$108.51 and a 1-year high of C$215.58. The firm has a market capitalization of C$17.18 billion, a PE ratio of 34.76, a PEG ratio of 3.72 and a beta of 0.91. The business’s 50 day moving average is C$202.58 and its 200-day moving average is C$180.34. The company has a current ratio of 2.93, a quick ratio of 1.38 and a debt-to-equity ratio of 25.87.

Toromont Industries (TSE:TIH) last announced its quarterly earnings data on Tuesday, February 10th. The company reported C$1.92 earnings per share for the quarter. Toromont Industries had a return on equity of 15.97% and a net margin of 9.54%.The company had revenue of C$1.42 billion for the quarter. Sell-side analysts predict that Toromont Industries will post 6.5892495 earnings per share for the current year.

Toromont Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Thursday, April 2nd were given a dividend of $0.56 per share. The ex-dividend date was Friday, March 6th. This is an increase from Toromont Industries’s previous quarterly dividend of $0.52. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.1%. Toromont Industries’s dividend payout ratio is presently 34.27%.

Insider Buying and Selling at Toromont Industries

In other news, Director David Allan Malinauskas sold 972 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of C$201.60, for a total transaction of C$195,955.20. 0.27% of the stock is currently owned by insiders.

About Toromont Industries

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger segment by revenue, Equipment Group includes a Caterpillar dealership and rental operation of construction equipment. CIMCO offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.