Analysts Boost Toromont Industries Stock Price Target Amid Positive Sentiment

Toromont Industries (TSE: TIH) saw its stock price target increased by analysts at CIBC, who raised their estimate from C$168.00 to C$172.00 in a report released on Monday, September 10, 2023. This adjustment reflects a potential upside of approximately 3.32% from Toromont’s current trading price, indicating a positive outlook on the company’s performance.

Multiple financial institutions have provided updated assessments for Toromont Industries. National Bankshares increased their target price significantly from C$164.00 to C$176.00, assigning an “outperform” rating to the stock. Similarly, Raymond James Financial adjusted their target from C$125.00 to C$150.00, designating it as a “market perform.” BMO Capital Markets also contributed to the positive sentiment by raising their target price to C$178.00. Additionally, Scotiabank adjusted their target from C$171.00 to C$175.00, maintaining a “sector perform” rating. Finally, the Royal Bank of Canada boosted their estimate from C$151.00 to C$180.00, reflecting an “outperform” rating.

Overall, market analysts have shown confidence in Toromont Industries, with one analyst issuing a Strong Buy rating, five analysts recommending a Buy, and three maintaining a Hold rating. According to data from MarketBeat.com, the average rating for the company sits at “Moderate Buy,” with an average target price of C$172.88.

Insider Trading Activity

In related news, insider trading activity has been notable. On September 10, Mike Cuddy sold 7,500 shares of Toromont Industries at an average price of C$146.00, resulting in a total transaction worth C$1,095,000.00. Following this sale, Cuddy retains approximately 36,955 shares, valued at around C$5,395,430, reflecting a 16.87% decrease in his ownership.

Another insider, Director David Allan Malinauskas, also sold shares on the same day, offloading 6,000 shares at an average price of C$146.10, amounting to C$876,600.00. Currently, insiders own 0.27% of the company’s stock.

About Toromont Industries

Toromont Industries Ltd is a prominent Canadian industrial firm operating through two main segments: the Equipment Group and CIMCO. The Equipment Group, which is the larger segment by revenue, includes a Caterpillar dealership and rental operations for construction equipment. CIMCO specializes in the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems.

As analysts continue to express optimism regarding Toromont Industries, investors and stakeholders will be closely monitoring subsequent market movements and insider activities to gauge the company’s future performance.