Toromont Industries (TSE:TIH) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank has raised its price target for Toromont Industries from C$132.00 to C$140.00, maintaining a "sector perform" rating, suggesting a potential downside of 1.22% from the last close.
• Multiple analysts have varied targets; while TD Securities increased theirs to C$154.00 with a "buy" rating, Raymond James lowered theirs to C$122.00, indicating mixed outlooks among market analysts.
• Insider transactions indicate significant selling activity, as a senior officer and a director sold shares recently, with a total of 15,450 shares sold by insiders valued at approximately C$1.82 million in the past 90 days.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective hoisted by Scotiabank from C$132.00 to C$140.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has a "sector perform" rating on the stock. Scotiabank's price target would suggest a potential downside of 1.22% from the company's previous close.

Several other research analysts also recently commented on TIH. Raymond James Financial lowered their price objective on shares of Toromont Industries from C$130.00 to C$122.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. TD Securities lifted their price target on Toromont Industries from C$153.00 to C$154.00 and gave the company a "buy" rating in a research note on Thursday. National Bankshares boosted their price target on Toromont Industries from C$130.00 to C$140.00 and gave the stock an "outperform" rating in a report on Thursday. Canaccord Genuity Group reduced their price objective on 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. Finally, BMO Capital Markets lifted their target price on Toromont Industries from C$140.00 to C$147.00 in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$140.50.

Toromont Industries Price Performance

Shares of TSE:TIH traded up C$2.73 during midday trading on Thursday, hitting C$141.73. The stock had a trading volume of 123,407 shares, compared to its average volume of 147,196. The company's 50-day moving average price is C$123.88 and its 200-day moving average price is C$118.87. Toromont Industries has a fifty-two week low of C$107.32 and a fifty-two week high of C$142.05. 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 company has a market capitalization of C$11.56 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 3.72 and a beta of 0.68.

Insider Transactions at Toromont Industries

In other news, Senior Officer Jennifer Cochrane sold 5,000 shares of Toromont Industries stock in a transaction dated Tuesday, June 10th. The stock was 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 business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of C$118.71, for a total value of C$29,677.50. Following the sale, the director owned 600 shares in the company, valued at approximately C$71,226. This trade represents a 29.41% decrease in their ownership of the stock. Insiders sold 15,450 shares of company stock worth $1,818,938 in the last 90 days. 0.27% of the stock is currently owned by company 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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