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

Toromont Industries (TSE:TIH) had its price target hoisted by CIBC from C$168.00 to C$172.00 in a report released on Monday,BayStreet.CA reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts also recently commented on TIH. Raymond James Financial increased their price objective on Toromont Industries from C$125.00 to C$150.00 and gave the company a “market perform” rating in a report on Monday. Scotiabank increased their price target on Toromont Industries from C$171.00 to C$175.00 and gave the company a “sector perform” rating in a research note on Monday. Canaccord Genuity Group increased their price target on Toromont Industries from C$160.00 to C$172.00 and gave the company a “buy” rating in a research note on Monday. National Bankshares increased their price target on Toromont Industries from C$164.00 to C$176.00 and gave the company an “outperform” rating in a research note on Monday. Finally, BMO Capital Markets increased their price target on Toromont Industries to C$178.00 in a research note on Friday. One equities research 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 stock. Based on data from MarketBeat, Toromont Industries has an average rating of “Moderate Buy” and an average target price of C$172.88.

Toromont Industries Trading Down 1.5%

TSE TIH opened at C$165.91 on Monday. The company has a market cap of C$13.50 billion, a PE ratio of 28.07, a PEG ratio of 3.72 and a beta of 0.64. The company has a current ratio of 2.37, a quick ratio of 1.38 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$168.56. The stock has a 50 day moving average of C$153.31 and a 200-day moving average of C$134.99.

Toromont Industries Announces Dividend

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

Insiders Place Their Bets

In other news, Director David Allan Malinauskas sold 6,000 shares of Toromont Industries stock in a transaction on Wednesday, September 10th. The stock was 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 Toromont Industries stock in a transaction on 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 sale, the insider directly owned 36,955 shares of the company’s stock, valued at C$5,395,430. This represents a 16.87% decrease in their position. 0.27% of the stock is currently owned by company insiders.

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.