Toromont Industries (TSE:TIH) Price Target Raised to C$179.00

Key Points

• Toromont Industries received a price target increase from C$154.00 to C$179.00 from TD Securities, indicating a potential upside of 14.03% based on the stock's previous close.
• Multiple analysts have raised their price objectives for Toromont, with ranges between C$125.00 and C$164.00, showing strong confidence in the company's performance.
• Insider transactions revealed a 16.87% decrease in ownership by insider Mike Cuddy, who sold 7,500 shares at an average price of C$146.00.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective boosted by research analysts at TD Securities from C$154.00 to C$179.00 in a note issued to investors on Friday,BayStreet.CA reports. TD Securities' target price points to a potential upside of 14.03% from the company's previous close.

Several other research analysts have also commented on the company. BMO Capital Markets boosted their price objective on Toromont Industries from C$140.00 to C$147.00 in a report on Wednesday, July 30th. Scotiabank raised their price objective on shares of Toromont Industries from C$132.00 to C$140.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. Raymond James Financial raised their price objective on shares of Toromont Industries from C$122.00 to C$125.00 and gave the company a "market perform" rating in a research report on Thursday, July 31st. CIBC increased their target price on Toromont Industries from C$129.00 to C$148.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, National Bankshares increased their target price on Toromont Industries from C$140.00 to C$164.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Toromont Industries currently has an average rating of "Moderate Buy" and an average price target of C$150.50.

Toromont Industries Price Performance

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

Insider Activity

In other news, insider Mike Cuddy sold 7,500 shares of the business's stock in a transaction dated 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 completion of the sale, the insider owned 36,955 shares of the company's stock, valued at approximately C$5,395,430. The trade was a 16.87% decrease in their position. Also, Director David Allan Malinauskas sold 6,000 shares of Toromont Industries 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 value of C$876,600.00. Corporate insiders own 0.27% of the company's stock.

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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