Canaccord Genuity Group Forecasts Strong Price Appreciation for Aecon Group (TSE:ARE) Stock

Key Points

• Canaccord Genuity raised its price target on Aecon to C$56 (from C$52) and kept a Buy rating, implying about a 12.88% upside from the current share price.
• The stock trades around C$49.61 with a market cap of C$3.40B, a 52-week range of C$16.16–C$52.90, and recent quarterly results showing a C($0.21) EPS loss on C$1.26B revenue.
• Insider activity: a director sold 125,000 shares for roughly C$5.21M (reducing their position ~40.4%), and insiders now own about 0.82% of the company.

Aecon Group (TSE:ARE - Get Free Report) had its price target lifted by Canaccord Genuity Group from C$52.00 to C$56.00 in a report released on Thursday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 12.88% from the company's current price.

A number of other brokerages have also issued reports on ARE. Raymond James Financial boosted their target price on shares of Aecon Group from C$44.00 to C$54.00 in a research note on Wednesday. ATB Cormark Capital Markets upped their price objective on shares of Aecon Group from C$39.00 to C$42.00 and gave the company a "sector perform" rating in a report on Monday, March 30th. Royal Bank Of Canada increased their price target on shares of Aecon Group from C$44.00 to C$49.00 and gave the stock a "sector perform" rating in a report on Thursday. Stifel Nicolaus lowered their price objective on Aecon Group from C$46.00 to C$44.50 and set a "hold" rating on the stock in a research report on Thursday. Finally, National Bank Financial increased their target price on Aecon Group from C$45.00 to C$48.00 and gave the company an "outperform" rating in a research report on Wednesday, April 8th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of C$52.29.

Aecon Group Price Performance

Shares of Aecon Group stock traded down C$0.36 on Thursday, hitting C$49.61. 386,888 shares of the company traded hands, compared to its average volume of 481,422. The stock has a market capitalization of C$3.40 billion, a P/E ratio of 215.70, a price-to-earnings-growth ratio of 18.18 and a beta of 0.97. The company has a debt-to-equity ratio of 65.17, a quick ratio of 1.27 and a current ratio of 1.10. Aecon Group has a 52 week low of C$16.16 and a 52 week high of C$52.90. The business has a 50-day simple moving average of C$42.58 and a 200 day simple moving average of C$34.89.

Aecon Group (TSE:ARE - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported C($0.21) earnings per share for the quarter. Aecon Group had a net margin of 0.28% and a return on equity of 1.66%. The business had revenue of C$1.26 billion during the quarter. Research analysts expect that Aecon Group will post 1.3793321 earnings per share for the current fiscal year.

Insider Buying and Selling at Aecon Group

In other Aecon Group news, Director Eric Stuart Rosenfeld sold 125,000 shares of the company's stock in a transaction dated Friday, March 27th. The shares were sold at an average price of C$41.64, for a total value of C$5,205,000.00. Following the completion of the transaction, the director owned 184,200 shares in the company, valued at approximately C$7,670,088. This represents a 40.43% decrease in their position. 0.82% of the stock is currently owned by corporate insiders.

About Aecon Group

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. Aecon generates the majority of its revenue from the Construction segment.

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