Canadian Tire (TSE:CTC) Share Price Passes Below Fifty Day Moving Average - Here's What Happened

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)'s share price 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 changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. TD Securities cut shares of Canadian Tire from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. BMO Capital Markets cut shares of Canadian Tire from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of C$140.00.

Canadian Tire Price Performance

The firm has a market cap of C$13.46 billion, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 0.49 and a beta of 0.58. The company's 50-day moving average is C$250.64 and its 200-day moving average is C$238.72. The company has a current ratio of 1.60, a quick ratio of 1.15 and a debt-to-equity ratio of 150.68.

Canadian Tire Company Profile

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.