Canadian Tire (TSE:CTC.A) Stock Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Canadian Tire's stock price has surpassed its 200-day moving average, trading as high as C$164.97, which suggests potential positive momentum for the stock.
• Several analysts have recently downgraded or adjusted their price targets for Canadian Tire, with BMO Capital Markets reducing theirs to C$175.00 while Desjardins raised theirs to C$195.00.
• The company has a market capitalization of C$8.56 billion and a P/E ratio of 23.93, indicating a relatively stable financial position amid recent stock performance fluctuations.

Canadian Tire Co. Limited (TSE:CTC.A - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$163.40 and traded as high as C$164.97. Canadian Tire shares last traded at C$163.89, with a volume of 279,205 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CTC.A. TD Securities lowered Canadian Tire from a "buy" rating to a "hold" rating and lowered their price objective for the stock from C$201.00 to C$184.00 in a research note on Friday, August 8th. BMO Capital Markets downgraded Canadian Tire from an "outperform" rating to a "market perform" rating and reduced their target price for the company from C$191.00 to C$175.00 in a research report on Friday, August 8th. Desjardins lifted their target price on Canadian Tire from C$175.00 to C$195.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Jefferies Financial Group lifted their target price on Canadian Tire from C$140.00 to C$164.00 in a research report on Friday, May 9th. Finally, National Bankshares reduced their target price on Canadian Tire from C$204.00 to C$190.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of C$173.22.

Canadian Tire Stock Up 0.0%

The stock has a market capitalization of C$8.69 billion, a PE ratio of 24.30, a P/E/G ratio of 0.35 and a beta of 1.33. The company has a current ratio of 1.79, a quick ratio of 1.15 and a debt-to-equity ratio of 173.58. The firm has a 50 day moving average of C$182.71 and a two-hundred day moving average of C$163.39.

Insider Activity at Canadian Tire

In other news, Director Steve Frazier purchased 450 shares of the stock in a transaction on Monday, June 9th. The stock was purchased at an average price of C$178.77 per share, with a total value of C$80,447.09. 1.90% of the stock is currently owned by corporate insiders.

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.