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

Toromont Industries (TSE:TIH) had its price objective lowered by Scotiabank from C$133.50 to C$128.00 in a research report released on Friday morning,BayStreet.CA reports. Scotiabank currently has a sector perform rating on the stock.

Other equities research analysts have also recently issued research reports about the company. CIBC cut their price target on Toromont Industries from C$130.00 to C$120.00 and set a “neutral” rating for the company in a report on Friday. National Bankshares boosted their price target on shares of Toromont Industries from C$126.00 to C$133.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Royal Bank of Canada raised their price objective on shares of Toromont Industries from C$138.00 to C$139.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. TD Securities decreased their target price on shares of Toromont Industries from C$150.00 to C$143.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, Raymond James cut their price target on shares of Toromont Industries from C$130.00 to C$122.00 and set a “market perform” rating for the company in a report on Friday. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and an average target price of C$130.50.

Toromont Industries Stock Down 0.4 %

Shares of TIH opened at C$110.95 on Friday. Toromont Industries has a one year low of C$107.32 and a one year high of C$134.88. The stock has a market capitalization of C$9.05 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 3.72 and a beta of 0.68. The stock has a 50 day moving average price of C$114.68 and a 200 day moving average price of C$116.98. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37.

Toromont Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, April 4th were paid a $0.52 dividend. The ex-dividend date was Friday, March 7th. This is a boost from Toromont Industries’s previous quarterly dividend of $0.48. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.87%. Toromont Industries’s payout ratio is presently 31.18%.

Insider Buying and Selling

In other Toromont Industries news, Senior Officer Jennifer Cochrane sold 5,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of C$121.25, for a total transaction of C$606,250.00. In the last 90 days, insiders have sold 10,200 shares of company stock valued at $1,204,504. Corporate insiders own 0.27% of the company’s stock.

Toromont Industries Company Profile

Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment engages in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in various applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.