Scotiabank Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Toromont Industries (TSE:TIH) had its target price lifted by equities researchers at Scotiabank from C$132.00 to C$133.50 in a report issued on Thursday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 8.49% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. National Bank Financial raised Toromont Industries from a “hold” rating to a “strong-buy” rating in a research report on Sunday, December 15th. Canaccord Genuity Group raised their target price on Toromont Industries from C$130.00 to C$134.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank of Canada reduced their target price on Toromont Industries from C$142.00 to C$138.00 in a report on Wednesday, November 6th. CIBC raised their price objective on Toromont Industries from C$129.00 to C$131.00 and gave the company a “neutral” rating in a report on Thursday. Finally, National Bankshares reduced their target price on Toromont Industries from C$135.00 to C$132.00 in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and a consensus price target of C$136.28.

Toromont Industries Price Performance

TSE:TIH traded up C$1.76 during trading hours on Thursday, reaching C$123.05. 55,978 shares of the company were exchanged, compared to its average volume of 150,807. The company has a market capitalization of C$10.04 billion, a P/E ratio of 19.98, a P/E/G 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 company has a debt-to-equity ratio of 23.04, a current ratio of 2.37 and a quick ratio of 1.38. The business has a 50 day moving average of C$115.34 and a 200 day moving average of C$121.14.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director Jeffrey Scott Chisholm bought 4,500 shares of Toromont Industries stock in a transaction dated Tuesday, December 10th. The stock was purchased at an average price of C$111.45 per share, for a total transaction of C$501,525.00. 0.27% of the stock is currently owned by company 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.