Scotiabank Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

Toromont Industries (TSE:TIH) had its price objective hoisted by equities research analysts at Scotiabank from C$171.00 to C$175.00 in a research note issued on Monday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target indicates a potential upside of 5.12% from the stock’s current price.

A number of other research firms have also weighed in on TIH. Raymond James Financial increased their price objective on Toromont Industries from C$125.00 to C$150.00 and gave the company a “market perform” rating in a research note on Monday. BMO Capital Markets raised their price target on Toromont Industries to C$178.00 in a research note on Friday. National Bankshares raised their price target on Toromont Industries from C$164.00 to C$176.00 and gave the stock an “outperform” rating in a research note on Monday. TD Securities raised their price target on Toromont Industries from C$154.00 to C$179.00 in a research note on Friday, October 17th. Finally, CIBC raised their price target on Toromont Industries from C$148.00 to C$168.00 and gave the stock a “neutral” rating in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$172.88.

Toromont Industries Price Performance

TSE TIH traded down C$2.04 on Monday, reaching C$166.47. 154,625 shares of the company’s stock traded hands, compared to its average volume of 150,099. Toromont Industries has a 12 month low of C$107.32 and a 12 month high of C$168.56. 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 stock has a 50-day simple moving average of C$152.86 and a 200 day simple moving average of C$134.62. The stock has a market cap of C$13.55 billion, a PE ratio of 28.17, a P/E/G ratio of 3.72 and a beta of 0.64.

Insider Buying and Selling at Toromont Industries

In other news, insider Mike Cuddy sold 7,500 shares of Toromont Industries 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 transaction, the insider owned 36,955 shares of the company’s stock, valued at 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 dated Wednesday, September 10th. The stock was sold at an average price of C$146.10, for a total value of C$876,600.00. Company 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.