Scotiabank Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Key Points

• Scotiabank has raised its target price for Toromont Industries (TSE:TIH) from C$140.00 to C$171.00, indicating a potential upside of 8.94% from the stock’s previous close.
• The stock has seen various upgrades from multiple analysts, with a consensus rating of "Moderate Buy" and an average target price of C$150.50.
• Insider trading activity includes two significant sales on September 10th, with director David Allan Malinauskas selling 6,000 shares and insider Mike Cuddy selling 7,500 shares, suggesting potential shifts in insider confidence.

Toromont Industries (TSE:TIH - Get Free Report) had its target price upped by Scotiabank from C$140.00 to C$171.00 in a report released on Friday,BayStreet.CA reports. Scotiabank's price target suggests a potential upside of 8.94% from the company's previous close.

TIH has been the topic of several other research reports. CIBC increased their price target on shares of Toromont Industries from C$129.00 to C$148.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Raymond James Financial upped their target price on shares of Toromont Industries from C$122.00 to C$125.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. National Bankshares boosted their price target on shares of Toromont Industries from C$140.00 to C$164.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. TD Securities boosted their price target on shares of Toromont Industries from C$154.00 to C$179.00 in a research note on Friday. Finally, BMO Capital Markets lifted their target price on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued 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 target price of C$150.50.

Toromont Industries Trading Down 1.6%

Shares of TSE TIH traded down C$2.58 during trading on Friday, reaching C$156.97. The stock had a trading volume of 163,752 shares, compared to its average volume of 149,483. The business's 50-day moving average price is C$148.94 and its 200-day moving average price is C$130.56. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$161.74. The company has a market cap of C$12.77 billion, a P/E ratio of 26.56, a PEG ratio of 3.72 and a beta of 0.64. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37.

Insiders Place Their Bets

In other news, Director David Allan Malinauskas sold 6,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the 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 completion of the transaction, the insider 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 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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