Analysts Set Toromont Industries Ltd. (TSE:TIH) PT at C$129.63

Toromont Industries Ltd. (TSE:TIH) has been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is C$129.63.

Several brokerages have commented on TIH. CIBC lowered their target price on shares of Toromont Industries from C$130.00 to C$120.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Royal Bank of Canada upped their price objective on shares of Toromont Industries from C$138.00 to C$139.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Canaccord Genuity Group reduced their target price on Toromont Industries from C$134.00 to C$131.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. National Bankshares boosted their target price on Toromont Industries from C$126.00 to C$133.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Finally, BMO Capital Markets dropped their price target on Toromont Industries from C$130.00 to C$128.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd.

Toromont Industries Price Performance

Shares of TIH stock opened at C$113.43 on Tuesday. The firm has a market cap of C$9.25 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 3.72 and a beta of 0.68. Toromont Industries has a 12 month low of C$107.32 and a 12 month high of C$134.88. The company has a quick ratio of 1.38, a current ratio of 2.37 and a debt-to-equity ratio of 23.04. The stock has a 50-day moving average price of C$113.85 and a 200 day moving average price of C$116.38.

Toromont Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, April 4th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Toromont Industries’s previous quarterly dividend of $0.48. This represents a $2.08 annualized dividend and a dividend yield of 1.83%. Toromont Industries’s payout ratio is presently 31.18%.

Insider Activity at Toromont Industries

In related news, Senior Officer Jennifer Cochrane sold 5,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of C$115.00, for a total value of C$575,000.00. Also, Director Frederick James Mifflin acquired 500 shares of Toromont Industries stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average price of C$110.05 per share, with a total value of C$55,025.00. Insiders have sold a total of 10,200 shares of company stock valued at $1,204,504 over the last 90 days. 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.