Toromont Industries (TSE:TIH) Stock Price Expected to Rise, CIBC Analyst Says

Toromont Industries (TSE:TIH) had its price target upped by CIBC from C$129.00 to C$131.00 in a research report report published on Thursday,BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. Scotiabank cut their target price on Toromont Industries from C$136.00 to C$132.00 in a research note on Wednesday, November 6th. Raymond James cut their price objective on shares of Toromont Industries from C$132.00 to C$122.00 in a research note on Wednesday, November 6th. National Bankshares cut their price objective on shares of Toromont Industries from C$135.00 to C$132.00 in a research note on Tuesday, November 5th. BMO Capital Markets lifted their price objective on shares of Toromont Industries from C$134.00 to C$138.00 in a research note on Wednesday. Finally, Royal Bank of Canada cut their price objective on shares of Toromont Industries from C$142.00 to C$138.00 in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Toromont Industries presently has an average rating of “Moderate Buy” and an average price target of C$136.28.

Toromont Industries Stock Performance

TIH stock opened at C$122.91 on Thursday. The company has a debt-to-equity ratio of 23.04, a quick ratio of 1.38 and a current ratio of 2.37. The stock has a market capitalization of C$10.02 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 3.72 and a beta of 0.68. Toromont Industries has a 1 year low of C$109.83 and a 1 year high of C$135.53. The stock’s fifty day moving average is C$115.34 and its two-hundred day moving average is C$121.14.

Toromont Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, January 6th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Friday, December 6th. Toromont Industries’s payout ratio is currently 31.18%.

Insider Buying and Selling

In related news, Director Jeffrey Scott Chisholm purchased 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were purchased at an average price of C$111.45 per share, with a total value of C$501,525.00. 0.27% of the stock is owned by corporate insiders.

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.