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

Toromont Industries (TSE:TIH) had its price objective boosted by Scotiabank from C$171.00 to C$175.00 in a report published on Monday,BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

A number of other analysts have also issued reports on TIH. CIBC increased their price target on shares of Toromont Industries from C$148.00 to C$168.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. TD Securities increased their price target on shares of Toromont Industries from C$154.00 to C$179.00 in a research report on Friday, October 17th. Canaccord Genuity Group increased their price target on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a research report on Monday. BMO Capital Markets increased their price target on shares of Toromont Industries to C$178.00 in a research report on Friday. Finally, National Bankshares increased their price target on shares of Toromont Industries from C$164.00 to C$176.00 and gave the stock an “outperform” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Toromont Industries presently has an average rating of “Moderate Buy” and a consensus target price of C$172.88.

Toromont Industries Price Performance

TSE TIH opened at C$165.91 on Monday. The company has a 50 day simple moving average of C$153.31 and a 200-day simple moving average of C$134.99. The company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38. The firm has a market capitalization of C$13.50 billion, a price-to-earnings ratio of 28.07, a price-to-earnings-growth ratio of 3.72 and a beta of 0.64. Toromont Industries has a 52-week low of C$107.32 and a 52-week high of C$168.56.

Toromont Industries Dividend Announcement

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

Insider Activity at Toromont Industries

In related news, Director David Allan Malinauskas sold 6,000 shares of the firm’s stock in a transaction that occurred 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 firm’s stock in a transaction that occurred 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 transaction, the insider directly owned 36,955 shares in the company, valued at approximately C$5,395,430. The trade was 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.