Toromont Industries (OTCMKTS:TMTNF) Shares Gap Up – Time to Buy?

Shares of Toromont Industries Ltd. (OTCMKTS:TMTNF) gapped up before the market opened on Wednesday . The stock had previously closed at $116.24, but opened at $122.15. Toromont Industries shares last traded at $122.15, with a volume of 100 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Scotiabank reaffirmed a “sector perform” rating on shares of Toromont Industries in a research report on Friday, October 17th. BMO Capital Markets restated an “outperform” rating on shares of Toromont Industries in a research note on Friday, October 31st. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Toromont Industries in a research report on Monday, November 3rd. CIBC reaffirmed a “neutral” rating on shares of Toromont Industries in a report on Monday, October 20th. Finally, TD Securities reaffirmed a “buy” rating on shares of Toromont Industries in a research report on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Toromont Industries Trading Up 4.7%

The firm has a 50-day moving average of $115.80 and a two-hundred day moving average of $105.97.

About Toromont Industries

Toromont Industries Ltd. is a Canadian diversified industrial equipment and services company. Through its Toromont CAT division, it serves as a major dealer for Caterpillar machinery, offering sales, rentals, parts and service support for a wide range of heavy-duty equipment. Products include earth-moving, paving and compaction machinery, material handling equipment and power generation systems tailored to the needs of construction, mining, forestry, marine and energy sectors.

The company’s CIMCO Refrigeration business provides design-build, installation and maintenance of industrial and commercial refrigeration systems.