Desjardins Issues Positive Forecast for Aecon Group (TSE:ARE) Stock Price

Key Points

• Desjardins raised Aecon Group’s price target from C$58 to C$60 while maintaining a “hold” rating, implying 15.38% upside from the reported C$52 share price.
• Other analysts were more bullish: Raymond James raised its target to C$65 and National Bank Financial to C$70, contributing to a consensus “Moderate Buy” rating and C$60 target.
• Aecon reported quarterly revenue of C$1.92 billion and earnings of C$0.86 per share, but still posted a negative net margin and return on equity; the stock recently traded near the upper half of its C$25.05–C$59.96 52-week range.

Aecon Group (TSE:ARE - Get Free Report) had its target price boosted by stock analysts at Desjardins from C$58.00 to C$60.00 in a research report issued on Monday, BayStreet reports. The firm currently has a "hold" rating on the stock. Desjardins's price objective indicates a potential upside of 15.38% from the company's current price.

Other equities analysts have also issued reports about the stock. Raymond James Financial raised their price objective on shares of Aecon Group from C$60.00 to C$65.00 and gave the company an "outperform" rating in a research report on Friday. National Bank Financial boosted their price objective on shares of Aecon Group from C$66.00 to C$70.00 and gave the company an "outperform" rating in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Aecon Group presently has a consensus rating of "Moderate Buy" and a consensus target price of C$60.00.

Aecon Group Price Performance

TSE ARE traded up C$2.77 during trading hours on Monday, hitting C$52.00. The company had a trading volume of 450,212 shares, compared to its average volume of 468,965. Aecon Group has a 52 week low of C$25.05 and a 52 week high of C$59.96. The firm has a 50 day simple moving average of C$49.31 and a 200 day simple moving average of C$45.25. The company has a debt-to-equity ratio of 56.97, a quick ratio of 1.27 and a current ratio of 1.10. The firm has a market capitalization of C$3.57 billion, a price-to-earnings ratio of -67.53, a PEG ratio of 18.18 and a beta of 1.16.

Aecon Group (TSE:ARE - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported C$0.86 earnings per share for the quarter. Aecon Group had a negative return on equity of 5.32% and a negative net margin of 0.83%. The business had revenue of C$1.92 billion during the quarter. Equities research analysts expect that Aecon Group will post 1.38 earnings per share for the current year.

Insider Activity at Aecon Group

In other Aecon Group news, insider Steven Neil Nackan sold 4,500 shares of Aecon Group stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of C$45.55, for a total transaction of C$204,975.00. Following the completion of the sale, the insider directly owned 8,035 shares in the company, valued at C$365,994.25. The trade was a 35.90% decrease in their ownership of the stock. Also, Director Scott Stewart bought 4,455 shares of the company's stock in a transaction on Friday, August 28th. The shares were bought at an average price of C$44.89 per share, with a total value of C$199,984.95. Following the completion of the transaction, the director owned 24,484 shares of the company's stock, valued at C$1,099,086.76. The trade was a 22.24% increase in their ownership of the stock. Over the last 90 days, insiders sold 7,500 shares of company stock worth $343,875. 0.82% of the stock is owned by company insiders.

About Aecon Group

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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