Aecon Group (TSE:ARE) Given New C$65.00 Price Target at Raymond James Financial

Key Points

• Raymond James raised Aecon Group’s price target to C$65 from C$60 while maintaining an “outperform” rating, implying 31.31% upside from the previous close.
• Aecon shares fell 7.4% to C$49.50 in Friday trading, despite the company reporting quarterly EPS of C$0.86 and revenue of C$1.92 billion.
• Analyst sentiment remains positive overall, with six Buy and five Hold ratings producing a consensus “Moderate Buy” rating and an average price target of C$55.58.

Aecon Group (TSE:ARE - Get Free Report) had its price target hoisted by Raymond James Financial from C$60.00 to C$65.00 in a report released on Friday, BayStreet reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's price objective would indicate a potential upside of 31.31% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Desjardins raised their target price on Aecon Group from C$55.00 to C$61.00 and gave the stock a "hold" rating in a report on Monday, July 6th. National Bank Financial lifted their price objective on shares of Aecon Group from C$64.00 to C$66.00 and gave the stock an "outperform" rating in a research note on Thursday, October 15th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Aecon Group currently has a consensus rating of "Moderate Buy" and an average price target of C$55.58.

Aecon Group Trading Down 7.4%

Shares of TSE ARE traded down C$3.96 during midday trading on Friday, hitting C$49.50. The stock had a trading volume of 751,485 shares, compared to its average volume of 466,597. The firm has a market cap of C$3.39 billion, a P/E ratio of -52.11, a price-to-earnings-growth ratio of 18.18 and a beta of 1.16. Aecon Group has a fifty-two week low of C$25.05 and a fifty-two week high of C$59.96. The company has a debt-to-equity ratio of 84.23, a current ratio of 1.08 and a quick ratio of 1.27. The company's 50-day simple moving average is C$49.22 and its 200 day simple moving average is C$45.17.

Aecon Group (TSE:ARE - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The company reported C$0.86 earnings per share (EPS) for the quarter. Aecon Group had a negative return on equity of 6.76% and a negative net margin of 1.10%. The business had revenue of C$1.92 billion for the quarter. Research analysts anticipate that Aecon Group will post 1.38 EPS for the current year.

Insider Transactions at Aecon Group

In other news, insider Steven Neil Nackan sold 4,500 shares of the company's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of C$45.55, for a total transaction of C$204,975.00. Following the completion of the transaction, the insider directly owned 8,035 shares of the company's stock, valued at C$365,994.25. This represents a 35.90% decrease in their ownership of the stock. Also, Director Scott Stewart bought 4,455 shares of the business's stock in a transaction on Friday, August 28th. The stock was purchased at an average price of C$44.89 per share, for a total transaction of C$199,984.95. Following the purchase, the director directly owned 24,484 shares in the company, valued at approximately C$1,099,086.76. This represents a 22.24% increase in their position. In the last quarter, insiders have sold 7,500 shares of company stock valued at $343,875. Corporate insiders own 0.82% of the company's stock.

Aecon Group Company Profile

Aecon Group Inc TSX: ARE is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment.

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