Royal Bank of Canada Issues Positive Forecast for Toromont Industries (TSE:TIH) Stock Price

Toromont Industries (TSE:TIH) had its price target boosted by investment analysts at Royal Bank of Canada from C$138.00 to C$139.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.96% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Scotiabank increased their target price on shares of Toromont Industries from C$132.00 to C$133.50 and gave the stock a “sector perform” rating in a research note on Thursday. National Bankshares reduced their target price on shares of Toromont Industries from C$135.00 to C$132.00 in a report on Tuesday, November 5th. National Bank Financial raised shares of Toromont Industries from a “hold” rating to a “strong-buy” rating in a report on Sunday, December 15th. Raymond James increased their target price on shares of Toromont Industries from C$122.00 to C$130.00 and gave the company a “market perform” rating in a report on Thursday. Finally, CIBC increased their target price on shares of Toromont Industries from C$129.00 to C$131.00 and gave the company a “neutral” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$136.28.

Toromont Industries Stock Performance

Shares of TIH stock traded up C$1.76 during trading on Thursday, reaching C$123.05. 55,978 shares of the company’s stock traded hands, 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 PEG ratio of 3.72 and a beta of 0.68. The company has a current ratio of 2.37, a quick ratio of 1.38 and a debt-to-equity ratio of 23.04. The firm’s 50-day moving average is C$115.34 and its 200 day moving average is C$121.14. Toromont Industries has a 1 year low of C$109.83 and a 1 year high of C$135.53.

Insider Buying and Selling

In related news, Director Jeffrey Scott Chisholm purchased 4,500 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average cost 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.

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.