Canaccord Genuity Group Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

Toromont Industries (TSE:TIH) had its price objective upped by Canaccord Genuity Group from C$160.00 to C$172.00 in a research note published on Monday morning,BayStreet.CA reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. Scotiabank lifted their price objective on shares of Toromont Industries from C$140.00 to C$171.00 in a research note on Friday, October 17th. BMO Capital Markets boosted their target price on shares of Toromont Industries to C$178.00 in a research report on Friday. TD Securities boosted their target price on shares of Toromont Industries from C$154.00 to C$179.00 in a research report on Friday, October 17th. Raymond James Financial boosted their target price on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a “market perform” rating in a research report on Thursday, July 31st. Finally, CIBC boosted their target price on shares of Toromont Industries from C$148.00 to C$168.00 and gave the company a “neutral” rating in a research report on Monday, October 20th. One investment 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 data from MarketBeat.com, Toromont Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of C$172.88.

Toromont Industries Trading Down 1.5%

TSE:TIH opened at C$165.91 on Monday. Toromont Industries has a 12 month low of C$107.32 and a 12 month high of C$168.56. The firm has a fifty day simple moving average of C$153.31 and a 200-day simple moving average of C$134.99. 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 company has a market capitalization of C$13.50 billion, a P/E ratio of 28.07, a PEG ratio of 3.72 and a beta of 0.64.

Toromont Industries Announces Dividend

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

Insider Transactions at Toromont Industries

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total value of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the company’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 completion of the transaction, the insider owned 36,955 shares of the company’s stock, valued at approximately C$5,395,430. This trade represents a 16.87% decrease in their position. 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.