Scotiabank Increases Toromont Industries Ltd (TIH) Price Target to C$59.00

Toromont Industries Ltd (TSE:TIH) had its price objective lifted by equities research analysts at Scotiabank from C$53.00 to C$59.00 in a report released on Thursday. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 4.72% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Raymond James Financial, Inc. boosted their price target on Toromont Industries from C$58.50 to C$63.00 and gave the stock an “outperform” rating in a research note on Thursday. Canaccord Genuity boosted their price target on Toromont Industries from C$50.00 to C$58.00 and gave the stock a “buy” rating in a research note on Tuesday, August 29th. TD Securities upgraded Toromont Industries from a “hold” rating to a “buy” rating and boosted their price target for the stock from C$48.00 to C$65.00 in a research note on Wednesday, September 20th. National Bank Financial restated a “sector perform” rating and issued a C$60.00 price target on shares of Toromont Industries in a research note on Monday, October 23rd. Finally, BMO Capital Markets restated a “market perform” rating and issued a C$58.00 price target on shares of Toromont Industries in a research note on Monday, October 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Toromont Industries has a consensus rating of “Hold” and a consensus target price of C$57.63.

Toromont Industries (TIH) opened at C$56.34 on Thursday. Toromont Industries has a one year low of C$39.71 and a one year high of C$58.44.

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In related news, insider David Allan Malinauskas sold 5,400 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of C$57.60, for a total transaction of C$311,040.00. Also, Director Randall Casson sold 8,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of C$53.60, for a total value of C$428,800.00. In the last quarter, insiders have sold 35,348 shares of company stock valued at $1,936,950.

Toromont Industries Company Profile

Toromont Industries Ltd is a Canada-based company, which operates through two segments: Equipment Group and CIMCO. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd.

Analyst Recommendations for Toromont Industries (TSE:TIH)

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