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

Toromont Industries (TSE:TIH) had its price objective raised by CIBC from C$148.00 to C$168.00 in a research note issued to investors on Monday,BayStreet.CA reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently weighed in on the stock. Scotiabank boosted their price objective on shares of Toromont Industries from C$140.00 to C$171.00 in a research report on Friday. BMO Capital Markets boosted their price objective on shares of Toromont Industries from C$140.00 to C$147.00 in a research 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 stock a “market perform” rating in a research report on Thursday, July 31st. National Bankshares boosted their price objective on shares of Toromont Industries from C$140.00 to C$164.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Finally, TD Securities boosted their price objective on shares of Toromont Industries from C$154.00 to C$179.00 in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Toromont Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of C$153.00.

Toromont Industries Stock Up 1.1%

Shares of TIH opened at C$158.72 on Monday. The company has a market capitalization of C$12.91 billion, a P/E ratio of 26.86, a PEG ratio of 3.72 and a beta of 0.64. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38. Toromont Industries has a one year low of C$107.32 and a one year high of C$161.74. The business’s 50 day simple moving average is C$149.64 and its 200-day simple moving average is C$131.44.

Toromont Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd were given a dividend of $0.52 per share. The ex-dividend date was Friday, September 5th. This represents a $2.08 annualized dividend and a dividend yield of 1.3%. Toromont Industries’s payout ratio is presently 33.84%.

Insider Buying and Selling at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the company’s stock in a transaction on 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 company’s 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. 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.