Analysts at TD Securities have raised their price target for Toromont Industries (TSE: TIH) from C$179.00 to C$180.00, as detailed in a report released on Monday, October 20, 2023. This adjustment reflects a positive outlook, with the brokerage maintaining a “buy” rating for the stock. The new price target suggests a potential upside of 8.13% from its current trading price.
Several other financial institutions have also updated their price targets for Toromont Industries in recent days. Canaccord Genuity Group raised its target from C$160.00 to C$172.00, continuing to endorse a “buy” rating. Meanwhile, the Royal Bank of Canada increased its target from C$151.00 to C$180.00, assigning an “outperform” rating to the stock.
On the same day, CIBC lifted its target to C$168.00, up from C$148.00, while maintaining a “neutral” rating. Additionally, BMO Capital Markets set its target at C$178.00, and National Bankshares raised its target from C$164.00 to C$176.00, also giving the stock an “outperform” rating.
Currently, one research analyst has rated Toromont Industries with a “Strong Buy” while five analysts have given it a “Buy” rating. Three others have issued a “Hold” rating, leading to an average rating of “Moderate Buy” according to data from MarketBeat. The consensus target price sits at C$172.88.
Insider Transactions Highlight Activity
In related developments, insider Mike Cuddy sold 7,500 shares of Toromont Industries on September 10, 2023, at an average price of C$146.00, resulting in a total transaction value of C$1,095,000.00. Following this transaction, Cuddy retains 36,955 shares in the company, valued at approximately C$5,395,430. This sale represented a 16.87% decrease in Cuddy’s ownership of the stock.
Another insider, David Allan Malinauskas, also sold shares on the same day, offloading 6,000 shares at an average price of C$146.10, totaling C$876,600.00. Currently, insiders own approximately 0.27% of the company’s stock.
About Toromont Industries
Toromont Industries Ltd is a Canadian industrial company operating primarily through two segments: the Equipment Group and CIMCO. The Equipment Group, which includes a Caterpillar dealership and rental operation for construction equipment, is the larger segment by revenue. CIMCO specializes in designing, engineering, fabricating, and installing industrial and recreational refrigeration systems.
As the market continues to react to these updates, Toromont Industries remains a focal point for analysts and investors alike, reflecting a promising trajectory in the Canadian industrial sector.
