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

Key Points

• CIBC has raised its target price for Toromont Industries (TSE:TIH) from C$129.00 to C$148.00, indicating a potential upside of 4.42% from the stock's previous close.
• Multiple analysts have recently adjusted their ratings and price targets for Toromont Industries, with TD Securities giving a "buy" rating at a target of C$154.00 and BMO Capital Markets adjusting theirs to C$147.00.
• Shares of Toromont Industries have seen a 2.0% increase, reaching C$141.73 during trading, reflecting a stable market position with a market capitalization of C$11.56 billion.

Toromont Industries (TSE:TIH - Get Free Report) had its target price upped by research analysts at CIBC from C$129.00 to C$148.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has a "neutral" rating on the stock. CIBC's price objective indicates a potential upside of 4.42% from the company's previous close.

Other equities analysts have also issued reports about the stock. TD Securities lifted their price objective on shares of Toromont Industries from C$153.00 to C$154.00 and gave the company a "buy" rating in a report on Thursday. BMO Capital Markets upped their price objective on Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday. National Bankshares lifted their target price on Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research note on Thursday. Scotiabank increased their price target on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a research report on Thursday. Finally, Raymond James Financial cut their price objective on shares of Toromont Industries from C$130.00 to C$122.00 and set a "market perform" rating on the stock in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of C$140.50.

Toromont Industries Stock Up 2.0%

Shares of TIH stock traded up C$2.73 during mid-day trading on Thursday, hitting C$141.73. The stock had a trading volume of 123,407 shares, compared to its average volume of 147,196. The firm has a market capitalization of C$11.56 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68. 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 12-month low of C$107.32 and a 12-month high of C$142.05. The firm's 50-day moving average is C$123.88 and its two-hundred day moving average is C$118.87.

Insider Transactions at Toromont Industries

In other news, Director David Allan Malinauskas sold 250 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of C$118.71, for a total value of C$29,677.50. Following the sale, the director directly owned 600 shares of the company's stock, valued at C$71,226. This represents a 29.41% decrease in their position. Also, Director Frederick James Mifflin acquired 500 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was acquired at an average price of C$110.05 per share, for a total transaction of C$55,025.00. Over the last three months, insiders sold 15,450 shares of company stock worth $1,818,938. 0.27% of the stock is 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.

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