Toromont Industries (TSE:TIH) Price Target Raised to C$172.00

Toromont Industries (TSE:TIH) had its price objective upped by Canaccord Genuity Group from C$160.00 to C$172.00 in a research report sent to investors on Monday morning,BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets raised their price target on Toromont Industries to C$178.00 in a report on Friday, October 31st. CIBC boosted their price target on Toromont Industries from C$148.00 to C$168.00 and gave the company a “neutral” rating in a report on Monday, October 20th. TD Securities boosted their price target on Toromont Industries from C$154.00 to C$179.00 in a report on Friday, October 17th. Scotiabank boosted their price objective on Toromont Industries from C$140.00 to C$171.00 in a research report on Friday, October 17th. Finally, Raymond James Financial boosted their price target 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. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$172.88.

Toromont Industries Stock Performance

Shares of Toromont Industries stock opened at C$164.99 on Monday. The firm has a market cap of C$13.43 billion, a P/E ratio of 27.27, a P/E/G ratio of 3.72 and a beta of 0.58. 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 12 month low of C$107.32 and a 12 month high of C$168.56. The stock’s fifty day moving average price is C$154.11 and its 200-day moving average price is C$135.55.

Toromont Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, October 3rd were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, September 5th. Toromont Industries’s dividend payout ratio (DPR) is 33.72%.

Insider Transactions at Toromont Industries

In related news, insider Mike Cuddy sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of C$146.00, for a total transaction of C$1,095,000.00. Following the completion of the transaction, the insider directly owned 36,955 shares in the company, valued at C$5,395,430. This trade represents a 16.87% decrease in their position. Also, 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 value of C$876,600.00. Company insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

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.