Cargojet (TSE:CJT) Shares Down 8.8% - Here's What Happened

Key Points

• Cargojet Inc. shares fell by 8.8%, trading between C$72.50 and C$73.22, while experiencing a decrease in trading volume.
• Analysts have mixed views, with price targets ranging from C$120.00 to C$175.00, but a consensus rating of "Buy" remains.
• The company announced a quarterly dividend of $0.35, translating to a yield of 2.0% and a payout ratio of 15.52%.

Shares of Cargojet Inc. (TSE:CJT - Get Free Report) dropped 8.8% during trading on Wednesday . The company traded as low as C$72.50 and last traded at C$73.22. Approximately 82,050 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 87,959 shares. The stock had previously closed at C$80.32.

Analysts Set New Price Targets

CJT has been the subject of a number of recent analyst reports. Acumen Capital lowered their price target on Cargojet from C$175.00 to C$170.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Stifel Nicolaus decreased their price objective on Cargojet from C$130.00 to C$120.00 and set a "buy" rating for the company in a research report on Wednesday, October 29th. CIBC decreased their price objective on Cargojet from C$142.00 to C$132.00 in a research report on Wednesday, October 8th. TD Securities boosted their price objective on Cargojet from C$150.00 to C$160.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Desjardins set a C$149.00 price objective on Cargojet and gave the company a "buy" rating in a research report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of C$142.36.

Cargojet Trading Down 13.4%

The business has a 50 day moving average of C$91.73 and a two-hundred day moving average of C$94.49. The company has a current ratio of 0.56, a quick ratio of 0.79 and a debt-to-equity ratio of 98.69. The firm has a market cap of C$1.05 billion, a P/E ratio of 7.71 and a beta of 0.85.

Cargojet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, September 19th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.0%. Cargojet's dividend payout ratio (DPR) is presently 15.52%.

About Cargojet

Cargojet Inc operates a domestic air cargo co-load network between sixteen major Canadian cities. The company provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance and Insurance basis, operating between points in Canada, USA, Mexico and Europe. The company also operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, UK and Germany; and between Canada and Mexico.

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