Toromont Industries (TSE:TIH) Price Target Raised to C$125.00

Key Points

• Raymond James Financial raised the price target for Toromont Industries from C$122.00 to C$125.00, maintaining a "market perform" rating, suggesting a potential downside of 11.80% from the last close.
• Multiple analysts have varying price targets for the stock, with TD Securities and National Bank both raising their targets, indicating a "buy" rating from multiple firms.
• Insider activity shows significant selling, with a total of 15,450 shares sold by corporate insiders over the last ninety days, representing a cautious outlook despite the company's current market performance.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective raised by research analysts at Raymond James Financial from C$122.00 to C$125.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has a "market perform" rating on the stock. Raymond James Financial's price objective would suggest a potential downside of 11.80% from the company's previous close.

TIH has been the subject of several other reports. TD Securities increased 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. Canaccord Genuity Group decreased their price target on Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. National Bankshares lifted their price target on Toromont Industries from C$130.00 to C$140.00 and gave the company an "outperform" rating in a research report on Thursday. CIBC upped their price objective on Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Scotiabank raised their target price 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. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of C$140.50.

Toromont Industries Price Performance

Toromont Industries stock traded up C$2.73 during trading hours on Thursday, hitting C$141.73. 123,407 shares of the company traded hands, compared to its average volume of 147,196. The firm has a market cap of C$11.56 billion, a P/E ratio of 23.02, a P/E/G ratio of 3.72 and a beta of 0.68. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The firm's 50-day simple moving average is C$123.88 and its two-hundred day simple moving average is C$118.87. Toromont Industries has a 1-year low of C$107.32 and a 1-year high of C$142.05.

Insider Activity

In other news, Senior Officer Jennifer Cochrane sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of C$120.00, for a total transaction of C$600,000.00. Also, Director David Allan Malinauskas sold 250 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of C$118.71, for a total transaction of C$29,677.50. Following the completion of the transaction, 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. Insiders sold a total of 15,450 shares of company stock valued at $1,818,938 over the last ninety days. 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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