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

Toromont Industries (TSE:TIH) had its price objective lifted by National Bankshares from C$140.00 to C$164.00 in a research report released on Wednesday,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

TIH has been the topic of a number of other reports. CIBC raised their price objective on shares of Toromont Industries from C$129.00 to C$148.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. BMO Capital Markets lifted their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. Raymond James Financial boosted their price objective 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. Scotiabank boosted their target price on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a “sector perform” rating in a research report on Thursday, July 31st. Finally, TD Securities upped their price objective on shares of Toromont Industries from C$153.00 to C$154.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$143.50.

Toromont Industries Price Performance

Shares of Toromont Industries stock opened at C$152.86 on Wednesday. Toromont Industries has a 1-year low of C$107.32 and a 1-year high of C$156.56. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The firm’s 50-day moving average price is C$142.21 and its two-hundred day moving average price is C$125.94. The stock has a market capitalization of C$12.44 billion, a price-to-earnings ratio of 25.86, a P/E/G ratio of 3.72 and a beta of 0.65.

Toromont Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd will be issued a $0.52 dividend. The ex-dividend date is Friday, September 5th. This represents a $2.08 annualized dividend and a dividend yield of 1.4%. Toromont Industries’s dividend payout ratio is currently 33.84%.

Insider Activity

In related news, Director David Allan Malinauskas sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total transaction of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was 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. This trade represents a 16.87% decrease in their position. Corporate 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.