Finning International (TSE:FTT) Sets New 1-Year High - Here's What Happened

Key Points

• Shares of Finning International Inc. reached a new 52-week high at C$68.22 during trading, closing at C$68.08.
• Analysts have raised their target prices, with Royal Bank of Canada increasing theirs to C$67.00 and Raymond James Financial setting it at C$68.00, with a general consensus rating of "Moderate Buy."
• Finning International operates as a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand, serving industries such as mining, construction, and forestry.

Shares of Finning International Inc. (TSE:FTT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$68.22 and last traded at C$68.08, with a volume of 388986 shares traded. The stock had previously closed at C$65.99.

Analysts Set New Price Targets

FTT has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of Finning International from C$61.00 to C$67.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Scotiabank lowered their target price on Finning International from C$65.00 to C$64.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Raymond James Financial boosted their price target on Finning International from C$56.00 to C$68.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets upped their price target on shares of Finning International from C$57.00 to C$66.00 in a research report on Tuesday, July 22nd. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$59.44.

Finning International Stock Up 3.2%

The company has a fifty day simple moving average of C$60.30 and a 200-day simple moving average of C$53.60. The company has a quick ratio of 0.59, a current ratio of 1.65 and a debt-to-equity ratio of 98.14. The firm has a market cap of C$9.03 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 0.56 and a beta of 1.05.

About Finning International

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company sells and rents Caterpillar machinery to the mining, construction, petroleum, forestry, and power system application industries. Finning International further provides parts and services for equipment and engines to its customers via its owned distribution network and buys and sells used equipment domestically and internationally after reconditioning or rebuilding the machinery.

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