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

Key Points

• CIBC has raised its price target for Toromont Industries (TSE:TIH) stock from C$148.00 to C$168.00, suggesting a potential upside of 6.03% from the current price.
• A variety of analysts have boosted their price targets for Toromont Industries, with National Bankshares reaching up to C$164.00 and TD Securities elevating it to C$179.00.
• Insider trading activity includes significant sales by Mike Cuddy and David Allan Malinauskas, indicating a 16.87% decrease in Cuddy's ownership following the sale of 7,500 shares.

Toromont Industries (TSE:TIH - Get Free Report) had its price target lifted by investment analysts at CIBC from C$148.00 to C$168.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a "neutral" rating on the stock. CIBC's price target suggests a potential upside of 6.03% from the company's current price.

Other equities research analysts have also issued research reports about the company. National Bankshares boosted their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. Raymond James Financial increased their price target on 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. TD Securities raised their price target on Toromont Industries from C$154.00 to C$179.00 in a report on Friday. Scotiabank lifted their price target on Toromont Industries from C$140.00 to C$171.00 in a research note on Friday. Finally, BMO Capital Markets increased their price objective on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$153.00.

Toromont Industries Trading Up 0.9%

Toromont Industries stock traded up C$1.47 during mid-day trading on Monday, hitting C$158.44. 42,800 shares of the company's stock were exchanged, compared to its average volume of 148,926. The company's 50 day simple moving average is C$149.27 and its 200-day simple moving average is C$131.11. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$161.74. The firm has a market capitalization of C$12.89 billion, a P/E ratio of 26.81, a PEG ratio of 3.72 and a beta of 0.64. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04.

Insider Buying and Selling

In other news, insider Mike Cuddy sold 7,500 shares of Toromont Industries 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. The trade was a 16.87% decrease in their ownership of the stock. Also, Director David Allan Malinauskas sold 6,000 shares of Toromont Industries stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total transaction of C$876,600.00. Company insiders own 0.27% of the company's stock.

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.

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