Toromont Industries Ltd (TIH) Earns “Market Perform” Rating from BMO Capital Markets
Toromont Industries Ltd (TSE:TIH)‘s stock had its “market perform” rating reaffirmed by equities researchers at BMO Capital Markets in a research note issued on Thursday. They currently have a C$38.50 target price on the stock. BMO Capital Markets’ price target suggests a potential upside of 1.32% from the company’s current price.
Several other research firms have also recently weighed in on TIH. CIBC upped their price objective on shares of Toromont Industries from C$34.00 to C$37.00 in a research report on Thursday, April 28th. National Bank Financial upped their price objective on shares of Toromont Industries from C$38.00 to C$42.00 in a research report on Monday, July 4th. TD Securities cut shares of Toromont Industries from a “buy” rating to a “hold” rating and set a C$35.00 price objective for the company. in a research report on Monday, April 11th. Raymond James Financial Inc. upped their price objective on shares of Toromont Industries from C$32.00 to C$40.50 and gave the stock a “market perform” rating in a research report on Thursday, April 28th. Finally, Canaccord Genuity cut shares of Toromont Industries from a “buy” rating to a “hold” rating and upped their price objective for the stock from C$41.00 to C$42.00 in a research report on Friday, July 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of C$40.11.
Shares of Toromont Industries (TSE:TIH) traded down 1.20% during midday trading on Thursday, hitting $38.00. 299,294 shares of the stock traded hands. The company has a market capitalization of $2.97 billion and a price-to-earnings ratio of 19.60. Toromont Industries has a 52 week low of $27.25 and a 52 week high of $40.89. The firm’s 50-day moving average is $39.29 and its 200 day moving average is $36.94.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, October 3rd will be issued a $0.18 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $0.72 dividend on an annualized basis and a yield of 1.89%.
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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