Toromont Industries (TSE:TIH) Price Target Raised to C$129.00

Toromont Industries (TSE:TIH - Free Report) had its price objective boosted by CIBC from C$120.00 to C$129.00 in a report published on Friday,BayStreet.CA reports.

Several other research analysts have also issued reports on TIH. Canaccord Genuity Group reduced their target price on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Scotiabank reduced their target price on shares of Toromont Industries from C$133.50 to C$128.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Raymond James Financial reduced their target price 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 note on Friday, May 2nd. TD Securities reduced their target price on shares of Toromont Industries from C$143.00 to C$136.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, BMO Capital Markets reduced their target price on shares of Toromont Industries from C$130.00 to C$128.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Toromont Industries currently has an average rating of "Moderate Buy" and a consensus target price of C$130.75.

Toromont Industries Price Performance

TSE:TIH traded down C$1.66 during mid-day trading on Friday, reaching C$128.74. 147,506 shares of the company were exchanged, compared to its average volume of 148,017. Toromont Industries has a 12 month low of C$107.32 and a 12 month high of C$134.88. The company has a fifty day moving average of C$121.39 and a 200 day moving average of C$117.83. 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 stock has a market cap of C$10.50 billion, a PE ratio of 20.91, a PEG ratio of 3.72 and a beta of 0.68.

Toromont Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Thursday, July 3rd were given a $0.52 dividend. The ex-dividend date was Friday, June 6th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.62%. Toromont Industries's dividend payout ratio is 31.18%.

Insider Activity

In related news, Director Frederick James Mifflin bought 500 shares of the company's stock in a transaction on Friday, May 2nd. The shares were purchased at an average cost of C$110.05 per share, for a total transaction of C$55,025.00. Also, Senior Officer Mike Cuddy sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of C$117.10, for a total transaction of C$585,500.00. Over the last 90 days, insiders have sold 15,450 shares of company stock valued at $1,818,938. Insiders own 0.27% of the company's stock.

About Toromont Industries

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.