Toromont Industries Ltd (TIH) Downgraded to Sector Perform at National Bank Financial
Toromont Industries Ltd (TSE:TIH) was downgraded by equities research analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Sunday. They presently have a C$60.00 target price on the stock. National Bank Financial’s target price would indicate a potential upside of 4.95% from the company’s current price.
Other research analysts also recently issued reports about the stock. Canaccord Genuity raised their price target on shares of Toromont Industries from C$50.00 to C$58.00 and gave the stock a “buy” rating in a research report on Tuesday, August 29th. TD Securities raised shares of Toromont Industries from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$48.00 to C$65.00 in a report on Wednesday, September 20th. Scotiabank increased their price objective on shares of Toromont Industries from C$47.00 to C$53.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 29th. Raymond James Financial, Inc. increased their price objective on shares of Toromont Industries from C$55.00 to C$58.50 and gave the stock an “outperform” rating in a report on Tuesday, August 29th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a C$58.00 price objective on shares of Toromont Industries in a report on Monday, October 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of C$55.94.
Toromont Industries (TIH) traded down 1.42% on Friday, reaching $56.36. 96,006 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $56.38 and its 200 day moving average price is $49.23. The firm has a market capitalization of $4.42 billion and a price-to-earnings ratio of 27.79. Toromont Industries has a 1-year low of $39.01 and a 1-year high of $58.44.
Toromont Industries (TSE:TIH) last posted its quarterly earnings results on Tuesday, July 25th. The company reported C$0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.55 by C($0.04). Toromont Industries had a return on equity of 17.80% and a net margin of 7.62%. The business had revenue of C$530.93 million during the quarter, compared to the consensus estimate of C$550.60 million. On average, analysts expect that Toromont Industries will post $2.13 earnings per share for the current year.
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In related news, Director Randall Casson sold 8,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of C$53.60, for a total value of C$428,800.00. Also, insider David Wetherald sold 5,400 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of C$54.00, for a total transaction of C$291,600.00. In the last ninety days, insiders sold 35,348 shares of company stock worth $1,936,950.
About Toromont Industries
Toromont Industries Ltd is a Canada-based company, which operates through two segments: Equipment Group and CIMCO. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd.
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