Bank of Nova Scotia Sells 358,203 Shares of CAE Inc (NYSE:CAE)

Key Points

• The Bank of Nova Scotia reduced its stake in CAE Inc by 15.9% during the first quarter, now holding 1,888,627 shares worth approximately $46.4 million.
• CAE Inc reported a $0.33 EPS for the quarter, exceeding analysts' expectations, although revenue fell short at $886.20 million against forecasts of $1.30 billion.
• Analysts maintain a Moderate Buy consensus rating on CAE, with an average price target of $33.67 despite a mixed range of ratings from various firms.

Bank of Nova Scotia trimmed its holdings in shares of CAE Inc (NYSE:CAE - Free Report) TSE: CAE by 15.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,888,627 shares of the aerospace company's stock after selling 358,203 shares during the period. Bank of Nova Scotia owned about 0.59% of CAE worth $46,440,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Natixis bought a new position in CAE in the 4th quarter worth approximately $38,000. Versant Capital Management Inc purchased a new position in CAE during the 1st quarter valued at about $53,000. First Trust Advisors LP purchased a new position in CAE during the 4th quarter valued at about $213,000. Orion Portfolio Solutions LLC purchased a new position in CAE during the 4th quarter valued at about $225,000. Finally, Clarius Group LLC purchased a new position in CAE during the 1st quarter valued at about $246,000. 67.36% of the stock is currently owned by institutional investors.

CAE Trading Up 1.9%

CAE stock traded up $0.55 during midday trading on Monday, hitting $28.88. The company had a trading volume of 272,184 shares, compared to its average volume of 548,106. The company has a current ratio of 0.80, a quick ratio of 0.58 and a debt-to-equity ratio of 0.62. CAE Inc has a 52 week low of $15.95 and a 52 week high of $30.13. The stock's 50 day moving average price is $27.78 and its 200 day moving average price is $25.56. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 2.32 and a beta of 1.34.

CAE (NYSE:CAE - Get Free Report) TSE: CAE last announced its quarterly earnings data on Tuesday, May 13th. The aerospace company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. CAE had a return on equity of 8.17% and a net margin of 8.55%. The firm had revenue of $886.20 million during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $0.37 earnings per share. The business's revenue was up 13.2% on a year-over-year basis. As a group, equities research analysts expect that CAE Inc will post 0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CAE shares. Cibc World Mkts raised CAE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of CAE in a research report on Monday, July 7th. CIBC reiterated a "neutral" rating on shares of CAE in a research report on Thursday, May 15th. BMO Capital Markets reiterated an "outperform" rating on shares of CAE in a research report on Wednesday, May 14th. Finally, The Goldman Sachs Group started coverage on CAE in a research report on Monday, June 30th. They issued a "buy" rating and a $33.00 target price for the company. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $33.67.

About CAE

CAE Inc, together with its subsidiaries, provides simulation training and critical operations support solutions in Canada, the United States, the United Kingdom, Europe, Asia, the Oceania, Africa, and Rest of the Americas. It operates through two segments, Civil Aviation; and Defense and Security. The Civil Aviation segment offers training solutions for flight, cabin, maintenance, and ground personnel in commercial, business, and helicopter aviation; a range of flight simulation training devices; and ab initio pilot training and crew sourcing services, as well as aircraft flight operations solutions.