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

Toromont Industries (TSE:TIH - Free Report) had its price objective increased by CIBC from C$129.00 to C$131.00 in a research note published on Thursday morning,BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

A number of other research firms have also recently commented on TIH. National Bankshares dropped their price objective on Toromont Industries from C$135.00 to C$132.00 in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price target on shares of Toromont Industries from C$142.00 to C$138.00 in a report on Wednesday, November 6th. Scotiabank reduced their price objective on shares of Toromont Industries from C$136.00 to C$132.00 in a research note on Wednesday, November 6th. Raymond James decreased their target price on shares of Toromont Industries from C$132.00 to C$122.00 in a research report on Wednesday, November 6th. Finally, BMO Capital Markets boosted their price target on Toromont Industries from C$134.00 to C$138.00 in a report on Wednesday, February 12th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Toromont Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of C$136.06.

Toromont Industries Price Performance

TSE:TIH traded down C$1.81 during trading hours on Thursday, reaching C$121.10. 102,352 shares of the company traded hands, compared to its average volume of 151,464. 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 firm's 50-day moving average is C$115.72 and its 200-day moving average is C$120.98. The stock has a market cap of C$9.88 billion, a P/E ratio of 19.67, 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.

Toromont Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, January 6th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Friday, December 6th. Toromont Industries's dividend payout ratio (DPR) is currently 31.18%.

Insider Activity at Toromont Industries

In other Toromont Industries news, Director Jeffrey Scott Chisholm purchased 4,500 shares of the business'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, for a total transaction of C$501,525.00. 0.27% of the stock is owned by insiders.

About Toromont Industries

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.