Aecon Group (TSE:ARE) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Aecon Group's stock price surged above its 200-day moving average to C$24.74, reflecting strong trading activity with a volume of 379,067 shares.
• Multiple analysts have recently upgraded their price targets for Aecon Group, with Stifel Nicolaus setting a target of C$24.00 and CIBC raising it to C$29.00, highlighting a generally positive outlook for the stock.
• The company announced a quarterly dividend of $0.19, representing an annualized payout of $0.76 and a dividend yield of 3.1%, though it has a high payout ratio of 180.95%.

Aecon Group Inc. (TSE:ARE - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$19.88 and traded as high as C$24.99. Aecon Group shares last traded at C$24.74, with a volume of 379,067 shares.

Wall Street Analyst Weigh In

ARE has been the subject of several research analyst reports. Stifel Nicolaus raised their price objective on Aecon Group from C$19.00 to C$24.00 and gave the stock a "hold" rating in a research note on Monday, October 6th. Canaccord Genuity Group raised their price objective on Aecon Group from C$25.00 to C$29.00 in a research note on Monday, October 6th. CIBC raised their price objective on Aecon Group from C$24.00 to C$29.00 and gave the stock an "outperform" rating in a research note on Monday, October 6th. National Bank Financial upgraded Aecon Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 1st. Finally, BMO Capital Markets raised their price objective on Aecon Group from C$19.00 to C$22.00 in a research note on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of C$24.91.

Aecon Group Stock Performance

The stock has a market capitalization of C$1.57 billion, a price-to-earnings ratio of 58.90, a price-to-earnings-growth ratio of 18.18 and a beta of 1.48. The firm has a fifty day moving average of C$22.15 and a 200 day moving average of C$19.88. The company has a debt-to-equity ratio of 32.84, a current ratio of 1.19 and a quick ratio of 1.27.

Aecon Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Stockholders of record on Thursday, October 2nd were given a $0.19 dividend. The ex-dividend date was Monday, September 22nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.1%. Aecon Group's payout ratio is 180.95%.

Aecon Group Company Profile

Aecon Group Inc is a Canada-based company that operates in two segments: Construction and Concessions. The Construction segment includes various aspects of the construction of public and private infrastructure projects, mainly in the transportation sector. Its concessions segment is engaged in the development, financing, construction, and operation of infrastructure projects.

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