Equities research analysts at Scotiabank have increased their price target for Toromont Industries (TSE:TIH) from C$171.00 to C$175.00, reflecting a positive outlook for the company’s stock. The updated price target, announced on October 16, 2023, indicates a potential upside of 5.12% based on the stock’s current trading price. Scotiabank has maintained a “sector perform” rating for Toromont Industries.
Several other financial institutions have also revised their assessments of Toromont Industries. Raymond James Financial raised its price objective from C$125.00 to C$150.00 and assigned a “market perform” rating. BMO Capital Markets set a new price target of C$178.00 on October 13, 2023. Meanwhile, National Bankshares increased its target from C$164.00 to C$176.00, awarding the stock an “outperform” rating.
On October 13, 2023, TD Securities also raised its price target for Toromont from C$154.00 to C$179.00. CIBC adjusted its target from C$148.00 to C$168.00, giving the stock a “neutral” rating. Currently, one analyst rates the stock as a Strong Buy, five analysts have given it a Buy rating, and three analysts have assigned a Hold rating. According to data from MarketBeat, the average rating for Toromont Industries is “Moderate Buy,” with an average price target of C$172.88.
Insider Trading Activity
Recent insider trading activity has garnered attention as well. On September 10, 2023, Mike Cuddy, a company insider, sold 7,500 shares of Toromont Industries at an average price of C$146.00, totaling C$1,095,000.00. Following this transaction, Cuddy held 36,955 shares valued at approximately C$5,395,430. This sale represented a 16.87% reduction in his position.
Additionally, David Allan Malinauskas, a director at Toromont, sold 6,000 shares on the same day at an average price of C$146.10, amounting to C$876,600.00. Company insiders currently hold 0.27% of the total shares outstanding.
About Toromont Industries
Toromont Industries Ltd is a Canadian industrial company operating two main segments: Equipment Group and CIMCO. The Equipment Group, which is the larger segment by revenue, includes a dealership for Caterpillar machinery and a rental operation for construction equipment. CIMCO specializes in the design, engineering, fabrication, and installation of refrigeration systems for both industrial and recreational applications.
As the market continues to respond to analysts’ forecasts and insider trading activities, investors and stakeholders will be closely monitoring the developments surrounding Toromont Industries.
