National Bank Financial Weighs in on 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 estimates for shares of Toromont Industries in a report released on Thursday, May 2nd. National Bank Financial analyst M. Sytchev now anticipates that the company will earn $1.54 per share for the quarter, down from their previous forecast of $1.59. The consensus estimate for Toromont Industries’ current full-year earnings is $6.30 per share.

A number of other analysts also recently weighed in on the stock. TD Securities reduced their price target on shares of Toromont Industries from C$145.00 to C$140.00 and set a “buy” rating for the company in a report on Friday, May 3rd. CIBC cut their price target on shares of Toromont Industries from C$130.00 to C$128.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. National Bankshares cut their price target on shares of Toromont Industries from C$137.00 to C$132.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Raymond James reduced their price objective on Toromont Industries from C$135.00 to C$132.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Finally, Scotiabank decreased their price objective on Toromont Industries from C$133.00 to C$125.00 and set a “sector perform” rating on the stock in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$133.13.

Toromont Industries Price Performance

Shares of TSE:TIH opened at C$123.17 on Monday. The company has a quick ratio of 1.38, a current ratio of 2.64 and a debt-to-equity ratio of 25.41. The business has a 50 day moving average price of C$128.17 and a 200 day moving average price of C$119.65. The company has a market cap of C$10.14 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 3.72 and a beta of 0.72. Toromont Industries has a twelve month low of C$100.81 and a twelve month high of C$135.53.

Toromont Industries (TSE:TIH) last posted its earnings results 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 return on equity of 21.13% and a net margin of 11.57%.

Insider Buying and Selling

In other news, Senior Officer Jennifer Cochrane sold 3,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of C$125.00, for a total transaction of C$375,000.00. In other news, Senior Officer Mike Cuddy sold 4,800 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of C$125.10, for a total value of C$600,480.00. Also, Senior Officer Jennifer Cochrane sold 3,000 shares of the company’s stock in a transaction that occurred 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. Over the last 90 days, insiders sold 21,700 shares of company stock worth $2,727,180. 0.27% of the stock is owned by insiders.

Toromont Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 7th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, June 6th. Toromont Industries’s payout ratio is 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.