Toromont Industries Ltd Sets 52-Week High; Strong Momentum for Holders

 Toromont Industries Ltd Sets 52 Week High; Strong Momentum for Holders

The stock of Toromont Industries Ltd (TSE:TIH) hit a new 52-week high and has $46.53 target or 8.00% above today’s $43.08 share price. The 6 months bullish chart indicates low risk for the $3.45B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $46.53 price target is reached, the company will be worth $276.00M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 50,433 shares traded hands. Toromont Industries Ltd (TSE:TIH) has risen 16.66% since April 27, 2016 and is uptrending. It has outperformed by 10.74% the S&P500.

Toromont Industries Ltd (TSE:TIH) Ratings Coverage

Out of 7 analysts covering Toromont Industries Ltd. (TSE:TIH), 2 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 29% are positive. $43 is the highest target while $32.50 is the lowest. The $38.14 average target is -11.47% below today’s ($43.08) stock price. Toromont Industries Ltd. has been the topic of 19 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Dundee Securities on Tuesday, August 4. TD Securities maintained the stock with “Hold” rating in Wednesday, November 9 report. Scotia Capital maintained Toromont Industries Ltd (TSE:TIH) on Tuesday, November 8 with “Sector Perform” rating. The firm has “Outperform” rating given on Tuesday, November 8 by RBC Capital Markets. The stock of Toromont Industries Ltd (TSE:TIH) earned “Outperform” rating by RBC Capital Markets on Wednesday, July 29. The stock of Toromont Industries Ltd (TSE:TIH) earned “Hold” rating by Canaccord Genuity on Friday, July 22. BMO Capital Markets upgraded Toromont Industries Ltd (TSE:TIH) on Wednesday, July 29 to “Outperform” rating. RBC Capital Markets maintained it with “Outperform” rating and $39 target price in Tuesday, January 19 report.

Another recent and important Toromont Industries Ltd (TSE:TIH) news was published by Marketwired.com which published an article titled: “Toromont Industries Ltd. – Normal Course Issuer Bid” on August 26, 2016.

Toromont Industries Ltd. is a Canada company, which operates through two divisions: Equipment Group and CIMCO. The company has a market cap of $3.45 billion. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It has a 21.91 P/E ratio. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd. and AgWest Ltd.

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