Toromont Industries (TSE:TIH) Given New C$150.00 Price Target at Raymond James Financial

Toromont Industries (TSE:TIH) had its target price hoisted by Raymond James Financial from C$125.00 to C$150.00 in a research note published on Monday,BayStreet.CA reports. They currently have a market perform rating on the stock.

A number of other analysts also recently commented on TIH. CIBC boosted their price objective on shares of Toromont Industries from C$148.00 to C$168.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. Canaccord Genuity Group boosted their price objective on shares of Toromont Industries from C$160.00 to C$172.00 and gave the stock a “buy” rating in a report on Monday. National Bankshares boosted their price objective on shares of Toromont Industries from C$164.00 to C$176.00 and gave the stock an “outperform” rating in a report on Monday. Scotiabank boosted their price objective on shares of Toromont Industries from C$140.00 to C$171.00 in a report on Friday, October 17th. Finally, BMO Capital Markets upped their price target on shares of Toromont Industries to C$178.00 in a 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$172.88.

Toromont Industries Stock Down 1.5%

TIH stock opened at C$165.91 on Monday. The company has a market cap of C$13.50 billion, a P/E ratio of 28.07, a P/E/G 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. The company’s 50-day moving average price is C$153.31 and its 200 day moving average price is 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.

Toromont Industries Dividend Announcement

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

Insider Activity

In other Toromont Industries news, insider Mike Cuddy sold 7,500 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total value 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. This represents a 16.87% decrease in their ownership of the stock. Also, 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 transaction 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.