CIBC Boosts Toromont Industries (TSE:TIH) Price Target to C$148.00

Toromont Industries (TSE:TIH) had its target price lifted by analysts at CIBC from C$129.00 to C$148.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a “neutral” rating on the stock. CIBC’s price target suggests a potential upside of 5.35% from the stock’s current price.

Several other research firms have also commented on TIH. Raymond James Financial dropped their price target on shares of Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating on the stock in a research report on Friday, May 2nd. National Bankshares increased their price objective on shares of Toromont Industries from C$130.00 to C$140.00 and gave the company an “outperform” rating in a report on Thursday. Scotiabank increased their price objective on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a “sector perform” rating in a report on Thursday. TD Securities increased their price objective on shares of Toromont Industries from C$153.00 to C$154.00 and gave the company a “buy” rating in a report on Thursday. Finally, BMO Capital Markets increased their price objective on shares of Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$140.50.

Toromont Industries Price Performance

TIH stock opened at C$140.49 on Thursday. The firm has a market cap of C$11.46 billion, a PE ratio of 22.82, a P/E/G ratio of 3.72 and a beta of 0.68. 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 firm’s fifty day moving average is C$124.82 and its 200 day moving average is C$119.23. Toromont Industries has a one year low of C$107.32 and a one year high of C$142.05.

Insider Activity

In other news, Director David Allan Malinauskas sold 250 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of C$118.71, for a total value of C$29,677.50. Following the completion of the sale, the director directly owned 600 shares in the company, valued at C$71,226. This represents a 29.41% decrease in their ownership of the stock. Also, Senior Officer Mike Cuddy sold 5,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of C$117.10, for a total transaction of C$585,500.00. Insiders sold 15,450 shares of company stock worth $1,818,938 over the last three months. 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.