Brokerages Set Toromont Industries Ltd. (TSE:TIH) Target Price at C$143.50

Shares of Toromont Industries Ltd. (TSE:TIH) have received an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is C$143.50.

Several analysts have recently weighed in on TIH shares. Raymond James Financial lifted their target price on Toromont Industries from C$122.00 to C$125.00 and gave the stock a “market perform” rating in a research report on Thursday, July 31st. BMO Capital Markets upped their target price on shares of Toromont Industries from C$140.00 to C$147.00 in a research note on Wednesday, July 30th. CIBC raised their target price on shares of Toromont Industries from C$129.00 to C$148.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. TD Securities boosted their price target on Toromont Industries from C$153.00 to C$154.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Finally, National Bankshares increased their price objective on Toromont Industries from C$140.00 to C$164.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th.

Insiders Place Their Bets

In other Toromont Industries news, Director David Allan Malinauskas sold 6,000 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of C$146.10, for a total transaction of C$876,600.00. Also, insider Mike Cuddy sold 7,500 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the sale, the insider directly 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. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Trading Up 0.5%

Shares of TIH opened at C$155.72 on Friday. The company’s fifty day simple moving average is C$145.56 and its 200-day simple moving average is C$128.04. The company has a market cap of C$12.67 billion, a P/E ratio of 26.35, a P/E/G ratio of 3.72 and a beta of 0.64. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. Toromont Industries has a twelve month low of C$107.32 and a twelve month high of C$156.71.

Toromont Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Friday, October 3rd were issued a dividend of $0.52 per share. The ex-dividend date was Friday, September 5th. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. Toromont Industries’s dividend payout ratio is currently 33.84%.

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.