Analysts Set Expectations for Toromont Industries Ltd.’s Q2 2024 Earnings (TSE:TIH)

Toromont Industries Ltd. (TSE:TIH) – Stock analysts at National Bank Financial lowered their Q2 2024 earnings per share (EPS) estimates for Toromont Industries in a research note issued to investors on Thursday, May 2nd. National Bank Financial analyst M. Sytchev now anticipates that the company will post earnings of $1.54 per share for the quarter, down from their prior estimate of $1.59. The consensus estimate for Toromont Industries’ current full-year earnings is $6.30 per share.

TIH has been the subject of several other reports. Raymond James lowered their price objective on Toromont Industries from C$135.00 to C$132.00 and set a “market perform” rating for the company in a research note on Friday. CIBC cut their price target on shares of Toromont Industries from C$130.00 to C$128.00 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets increased their price objective on shares of Toromont Industries from C$124.00 to C$130.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 14th. TD Securities dropped their target price on Toromont Industries from C$145.00 to C$140.00 and set a “buy” rating for the company in a research report on Friday. Finally, Canaccord Genuity Group increased their price target on Toromont Industries from C$123.00 to C$138.00 and gave the stock a “buy” rating in a report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Toromont Industries has a consensus rating of “Moderate Buy” and an average target price of C$132.75.

Toromont Industries Trading Down 0.4 %

TIH opened at C$122.28 on Monday. The stock has a 50-day moving average of C$128.32 and a 200 day moving average of C$119.40. The company has a current ratio of 2.64, a quick ratio of 1.38 and a debt-to-equity ratio of 25.41. Toromont Industries has a 12 month low of C$100.81 and a 12 month high of C$135.53. The firm has a market cap of C$10.06 billion, a P/E ratio of 19.17, a P/E/G 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 for the quarter, topping 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 analysts’ expectations of C$1.19 billion. Toromont Industries had a net margin of 11.57% and a return on equity of 21.13%.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 7th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, June 7th. Toromont Industries’s payout ratio is 30.09%.

Insiders Place Their Bets

In other news, Senior Officer Jennifer Cochrane sold 3,000 shares of Toromont Industries stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of C$125.00, for a total value of C$375,000.00. In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 3,000 shares of Toromont Industries stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of C$125.00, for a total value of C$375,000.00. Also, Director David Allan Malinauskas sold 8,700 shares of the company’s stock in a transaction dated 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. Insiders have sold a total of 21,700 shares of company stock worth $2,727,180 in the last three months. Corporate insiders own 0.27% of the company’s stock.

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.