Raymond James Raises Toromont Industries Price Target to C$150
Investment firm Raymond James Financial has increased its price target for Toromont Industries from C$125.00 to C$150.00, according to a research note published on Monday. The company currently holds a market perform rating on the stock. This adjustment reflects a growing confidence in Toromont’s financial performance, with estimates for its earnings per share (EPS) projected at $1.97 for Q4 2025, $6.12 for FY2025, and $6.70 for FY2026.
Several other financial institutions have also revised their evaluations of Toromont Industries. National Bankshares raised its target price from C$164.00 to C$176.00, assigning the company an “outperform” rating. Similarly, Scotiabank increased its price objective from C$140.00 to C$171.00 on October 17, while TD Securities boosted their target from C$154.00 to C$179.00 on the same day. Canaccord Genuity Group also raised its target from C$160.00 to C$172.00, giving the stock a “buy” rating.
In total, one analyst has rated the stock as a Strong Buy, five have assigned it a Buy rating, and three have issued a Hold rating. According to MarketBeat.com, Toromont Industries has an average rating of “Moderate Buy” and a consensus target price of C$172.88.
Dividend Announcement and Insider Activity
Toromont Industries announced a quarterly dividend of $0.52 per share, which was paid on October 3, 2023, to shareholders of record on that date. The ex-dividend date was September 5, 2023. This dividend represents an annual payout of $2.08 and a yield of 1.3%. The company’s dividend payout ratio stands at 33.72%, indicating a disciplined approach to returning value to shareholders.
In addition to financial updates, recent insider trading activity has raised eyebrows. Insider Mike Cuddy sold 7,500 shares on September 10 at an average price of C$146.00, totaling approximately C$1,095,000.00. Following this transaction, Cuddy retained 36,955 shares of the company, valued at about C$5,395,430, marking a decrease of 16.87% in his holdings. Another insider, Director David Allan Malinauskas, sold 6,000 shares on the same date for approximately C$876,600.00.
Corporate insiders currently hold 0.27% of Toromont Industries’ stock, reflecting a cautious yet engaged approach to ownership.
About Toromont Industries
Based in Canada, Toromont Industries Ltd operates primarily in two segments: Equipment Group and CIMCO. The Equipment Group is the larger segment, encompassing a Caterpillar dealership and a rental operation for construction equipment. CIMCO specializes in the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems, providing a diverse portfolio that positions the company for sustained growth.
The recent adjustments from various financial institutions highlight the increasing optimism surrounding Toromont Industries as it navigates its business landscape, bolstered by solid earnings prospects and a commitment to shareholder returns.
