Toromont Industries (TSE:TIH) Price Target Raised to C$140.00

Key Points

• National Bankshares raised the price target for Toromont Industries from C$130.00 to C$140.00, indicating an "outperform" rating on the stock.
• Despite the upward revision by National Bankshares, several analysts, including Raymond James Financial, lowered their price objectives, suggesting varying outlooks on the stock's performance.
• Toromont Industries traded at C$141.73, with a current market capitalization of C$11.56 billion and a P/E ratio of 23.02.

Toromont Industries (TSE:TIH - Get Free Report) had its price target hoisted by investment analysts at National Bankshares from C$130.00 to C$140.00 in a research report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. National Bankshares' target price points to a potential downside of 1.22% from the stock's previous close.

Several other equities analysts have also recently issued reports on TIH. Raymond James Financial reduced their price objective on 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. Canaccord Genuity Group lowered their price objective on shares of Toromont Industries from C$134.00 to C$131.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. TD Securities raised their target price on shares of Toromont Industries from C$153.00 to C$154.00 and gave the stock a "buy" rating in a report on Thursday. Scotiabank lowered their target price on Toromont Industries from C$133.50 to C$128.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Finally, BMO Capital Markets increased their price target on Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of C$140.50.

Toromont Industries Stock Performance

TSE:TIH traded up C$2.73 during trading hours on Thursday, reaching C$141.73. 123,407 shares of the stock were exchanged, compared to its average volume of 147,196. The stock has a market capitalization 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 firm has a 50 day simple moving average of C$123.88 and a 200-day simple moving average of C$118.87. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. Toromont Industries has a 52 week low of C$107.32 and a 52 week high of C$142.05.

Insiders Place Their Bets

In other Toromont Industries news, Director Frederick James Mifflin bought 500 shares of the business's stock in a transaction on Friday, May 2nd. The shares were purchased at an average price of C$110.05 per share, with a total value of C$55,025.00. Also, Senior Officer Mike Cuddy sold 5,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of C$117.10, for a total value of C$585,500.00. In the last three months, insiders sold 15,450 shares of company stock worth $1,818,938. 0.27% of the stock is currently owned by corporate insiders.

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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