Scotiabank Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

Toromont Industries (TSE:TIH) had its price target boosted by analysts at Scotiabank from C$181.00 to C$208.00 in a report released on Wednesday,BayStreet.CA reports. Scotiabank’s target price indicates a potential upside of 3.17% from the stock’s current price.

A number of other research firms have also issued reports on TIH. TD Securities raised their price target on Toromont Industries from C$195.00 to C$228.00 and gave the stock a “buy” rating in a report on Tuesday. Canadian Imperial Bank of Commerce lifted their target price on Toromont Industries from C$172.00 to C$180.00 in a research note on Friday, February 6th. BMO Capital Markets upped their price target on Toromont Industries from C$196.00 to C$210.00 in a research note on Thursday, February 12th. Canaccord Genuity Group increased their price target on Toromont Industries from C$172.00 to C$200.00 in a report on Friday, February 13th. Finally, Royal Bank Of Canada boosted their price objective on shares of Toromont Industries from C$180.00 to C$207.00 in a research note on Thursday, February 12th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Toromont Industries has a consensus rating of “Moderate Buy” and a consensus target price of C$198.63.

Toromont Industries Stock Performance

Shares of TSE TIH traded down C$4.92 during trading hours on Wednesday, reaching C$201.60. The stock had a trading volume of 241,903 shares, compared to its average volume of 223,075. The firm has a 50-day moving average of C$174.94 and a 200-day moving average of C$161.33. The firm has a market cap of C$16.42 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 3.72 and a beta of 0.52. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$207.86.

Toromont Industries (TSE:TIH) last issued its quarterly earnings data on Tuesday, February 10th. The company reported C$1.92 earnings per share for the quarter. The company had revenue of C$1.42 billion during the quarter. Toromont Industries had a return on equity of 17.74% and a net margin of 10.09%. Equities research analysts predict that Toromont Industries will post 6.5892495 earnings per share for the current year.

Insider Buying and Selling

In other Toromont Industries news, insider Jennifer Cochrane sold 5,000 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of C$165.00, for a total value of C$825,000.00. Following the completion of the transaction, the insider directly owned 12,012 shares of the company’s stock, valued at approximately C$1,981,980. This trade represents a 29.39% decrease in their ownership of the stock. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

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. The company operates primarily in Canada and derives a smaller portion of sales from the United States of America.