Scotiabank Raises Toromont Industries (TSE:TIH) Price Target to C$171.00

Toromont Industries (TSE:TIH) had its price objective boosted by equities researchers at Scotiabank from C$140.00 to C$171.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. Scotiabank’s price target indicates a potential upside of 8.94% from the company’s current price.

Several other equities analysts have also issued reports on the company. TD Securities upped their price target on Toromont Industries from C$154.00 to C$179.00 in a research note on Friday. BMO Capital Markets upped their price target on Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. Raymond James Financial upped their price target on Toromont Industries from C$122.00 to C$125.00 and gave the company a “market perform” rating in a research note on Thursday, July 31st. CIBC upped their price target on 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. Finally, National Bankshares upped their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$150.50.

Toromont Industries Trading Down 1.6%

Shares of TIH opened at C$156.97 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. Toromont Industries has a 12-month low of C$107.32 and a 12-month high of C$161.74. The firm has a market capitalization of C$12.77 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 3.72 and a beta of 0.64. The stock’s fifty day simple moving average is C$149.27 and its 200-day simple moving average is C$130.97.

Insider Activity

In other Toromont Industries news, insider Mike Cuddy sold 7,500 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total value of C$1,095,000.00. Following the completion of the sale, the insider directly owned 36,955 shares in the company, valued at C$5,395,430. This represents a 16.87% decrease in their ownership of the stock. Also, Director David Allan Malinauskas sold 6,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. 0.27% of the stock is owned by corporate insiders.

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.