Canadian Tire (TSE:CTC) Share Price Passes Below 50 Day Moving Average - Here's Why

Key Points

• Canadian Tire's share price has fallen below its 50-day moving average of C$251.43, recently trading at C$248.93.
• Analysts from BMO Capital Markets and TD Securities have both downgraded Canadian Tire's stock rating from "strong-buy" to "hold", with the current consensus rating being "Reduce" and an average price target of C$140.00.
• The company has a market capitalization of C$13.46 billion and a significant debt-to-equity ratio of 150.68.

Canadian Tire Co., Limited (TSE:CTC - Get Free Report) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$251.43 and traded as low as C$248.93. Canadian Tire shares last traded at C$248.93, with a volume of 136 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CTC. BMO Capital Markets downgraded shares of Canadian Tire from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. TD Securities downgraded shares of Canadian Tire from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Canadian Tire currently has a consensus rating of "Reduce" and an average price target of C$140.00.

Canadian Tire Price Performance

The company has a quick ratio of 1.15, a current ratio of 1.60 and a debt-to-equity ratio of 150.68. The firm has a market cap of C$13.46 billion, a PE ratio of 18.20, a P/E/G ratio of 0.49 and a beta of 0.58. The firm's fifty day simple moving average is C$251.43 and its two-hundred day simple moving average is C$238.29.

About Canadian Tire

Canadian Tire Corporation, Limited, TSX: CTC.A TSX: CTC or 'CTC', is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions.

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