Toromont Industries (TSE:TIH) Price Target Raised to C$176.00

Toromont Industries (TSE:TIH) had its price objective boosted by National Bankshares from C$164.00 to C$176.00 in a report published on Monday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

A number of other research firms also recently issued reports on TIH. Canaccord Genuity Group upped their price target on shares of Toromont Industries from C$160.00 to C$172.00 and gave the company a “buy” rating in a research note on Monday. Scotiabank upped their price target on shares of Toromont Industries from C$140.00 to C$171.00 in a report on Friday, October 17th. CIBC upped their price target on shares of Toromont Industries from C$148.00 to C$168.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. BMO Capital Markets boosted their price target on shares of Toromont Industries to C$178.00 in a report on Friday, October 31st. Finally, Raymond James Financial raised their price target on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a “market perform” rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Toromont Industries presently has an average rating of “Moderate Buy” and a consensus price target of C$172.88.

Toromont Industries Price Performance

TIH stock opened at C$164.99 on Monday. Toromont Industries has a one year low of C$107.32 and a one year high of C$168.56. The company’s fifty day moving average price is C$154.11 and its 200-day moving average price is C$135.55. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37. The company has a market capitalization of C$13.43 billion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 3.72 and a beta of 0.58.

Toromont Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, October 3rd were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. Toromont Industries’s dividend payout ratio (DPR) is currently 33.72%.

Insider Buying and Selling at Toromont Industries

In other Toromont Industries news, insider Mike Cuddy sold 7,500 shares of Toromont Industries stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the sale, the insider owned 36,955 shares of the company’s stock, valued at C$5,395,430. The trade was a 16.87% decrease in their position. Also, Director David Allan Malinauskas sold 6,000 shares of Toromont Industries stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Insiders own 0.27% of the company’s stock.

About Toromont Industries

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger segment by revenue, Equipment Group includes a Caterpillar dealership and rental operation of construction equipment. CIMCO offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems.