Cargojet (TSE:CJT) Share Price Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Cargojet shares fell below their 200-day moving average, reaching C$81.46 before closing at C$83.11, compared with the C$84.19 200-day average.
• Analysts remain broadly positive: ten rate the stock a Buy and one a Hold, producing a “Moderate Buy” consensus and an average price target of C$121.00.
• Cargojet reported quarterly revenue of C$275.80 million and EPS of C$0.67, while maintaining a quarterly dividend of C$0.385, equal to a 1.9% annualized yield.

Cargojet Inc. (TSE:CJT - Get Free Report) crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$84.19 and traded as low as C$81.46. Cargojet shares last traded at C$83.11, with a volume of 43,259 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. BMO Capital Markets increased their target price on Cargojet from C$85.00 to C$90.00 in a research note on Wednesday, August 12th. ATB Cormark Capital Markets lifted their price target on Cargojet from C$110.00 to C$120.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. TD set a C$128.00 price target on Cargojet and gave the stock a "buy" rating in a research report on Friday, October 2nd. Desjardins upped their price target on Cargojet from C$126.00 to C$135.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Acumen Capital upped their price target on Cargojet from C$115.00 to C$120.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$121.00.

Cargojet Price Performance

The stock's 50-day moving average price is C$84.61 and its 200 day moving average price is C$84.19. The firm has a market cap of C$1.23 billion, a price-to-earnings ratio of 26.90 and a beta of 0.91. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 119.27.

Cargojet (TSE:CJT - Get Free Report) last released its earnings results on Monday, August 10th. The company reported C$0.67 earnings per share for the quarter. Cargojet had a return on equity of 6.30% and a net margin of 4.49%. The business had revenue of C$275.80 million for the quarter. Equities research analysts predict that Cargojet Inc. will post 5.89 earnings per share for the current year.

Cargojet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Shareholders of record on Monday, October 5th were given a $0.3850 dividend. The ex-dividend date was Friday, September 18th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.9%. Cargojet's dividend payout ratio (DPR) is currently 47.57%.

About Cargojet

Cargojet is Canada's leading provider of time-sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 aircraft.

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