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

Key Points

• National Bankshares has raised its price target for Toromont Industries (TSE:TIH) from C$140.00 to C$164.00, indicating a potential upside of 7.43% from the stock's current price.
• Several analysts have issued updates on Toromont Industries, with price targets ranging from C$125.00 to C$154.00, and the stock currently has a consensus rating of "Moderate Buy".
• In recent insider activity, Mike Cuddy sold 7,500 shares at C$146.00, and David Allan Malinauskas sold 6,000 shares at C$146.10, reflecting notable transactions among company insiders.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective increased by National Bankshares from C$140.00 to C$164.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. National Bankshares' target price points to a potential upside of 7.43% from the stock's current price.

Other equities research analysts have also issued reports about the stock. BMO Capital Markets lifted their price target on shares of Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. CIBC boosted their target price on shares of Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Raymond James Financial upped their price target on shares of Toromont Industries from C$122.00 to C$125.00 and gave the stock a "market perform" rating in a report on Thursday, July 31st. Scotiabank increased their price target on Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Finally, TD Securities boosted their price objective on Toromont Industries from C$153.00 to C$154.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$143.50.

Toromont Industries Price Performance

Toromont Industries stock traded up C$3.00 during midday trading on Wednesday, reaching C$152.66. The company's stock had a trading volume of 88,888 shares, compared to its average volume of 149,745. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The stock has a market cap of C$12.42 billion, a PE ratio of 25.83, a price-to-earnings-growth ratio of 3.72 and a beta of 0.65. Toromont Industries has a 52 week low of C$107.32 and a 52 week high of C$156.56. The business has a 50-day moving average price of C$141.75 and a 200-day moving average price of C$125.76.

Insider Activity

In related news, insider Mike Cuddy sold 7,500 shares of the company's stock in a transaction that occurred 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 in the company, 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 firm's stock in a transaction that occurred 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. Corporate insiders own 0.27% of the company's stock.

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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