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

Toromont Industries Ltd. (TSE:TIH) – Equities research analysts at Raymond James decreased their Q1 2024 earnings estimates for Toromont Industries in a research note issued on Thursday, April 11th. Raymond James analyst S. Hansen now forecasts that the company will earn $1.12 per share for the quarter, down from their previous forecast of $1.13. Raymond James currently has a “Outperform” rating and a $135.00 target price 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.

Other equities analysts have also issued reports about the stock. TD Securities increased their price objective on shares of Toromont Industries from C$130.00 to C$140.00 and gave the company a “buy” rating in a research report on Thursday, February 15th. Scotiabank increased their price objective on shares of Toromont Industries from C$125.00 to C$133.00 and gave the company a “sector perform” rating in a research report on Thursday, February 15th. National Bankshares set a C$137.00 price target on shares of Toromont Industries and gave the company an “outperform” rating in a research note on Thursday, February 15th. CIBC upped their price target on shares of Toromont Industries from C$123.00 to C$130.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. Finally, BMO Capital Markets upped their price target on shares of Toromont Industries from C$124.00 to C$130.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$135.38.

Toromont Industries Price Performance

Shares of TIH opened at C$128.93 on Monday. The firm has a market capitalization of C$10.61 billion, a PE ratio of 20.21, a PEG ratio of 3.72 and a beta of 0.72. The company’s 50-day moving average is C$126.46 and its 200-day moving average is C$117.43. Toromont Industries has a fifty-two week low of C$100.81 and a fifty-two week high of C$135.53. The company has a debt-to-equity ratio of 25.41, a current ratio of 2.64 and a quick ratio of 1.38.

Toromont Industries (TSE:TIH) last issued its quarterly earnings data on Tuesday, February 13th. The company reported C$1.86 earnings per share for the quarter, beating the consensus estimate of C$1.73 by C$0.13. The company had revenue of C$1.23 billion for the quarter, compared to analyst estimates of C$1.19 billion. Toromont Industries had a net margin of 11.57% and a return on equity of 21.13%.

Insiders Place Their Bets

In other Toromont Industries news, Director William John Harvey sold 300 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of C$125.90, for a total transaction of C$37,770.00. In other news, Senior Officer Jennifer Cochrane sold 3,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of C$128.00, for a total value of C$384,000.00. Also, Director William John Harvey sold 300 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of C$125.90, for a total transaction of C$37,770.00. Insiders have sold 21,700 shares of company stock worth $2,727,180 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.49%. This is an increase from Toromont Industries’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Thursday, March 7th. Toromont Industries’s dividend payout ratio is presently 30.09%.

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.