Cargojet (TSE:CJT) Shares Break Below 200 Day Moving Average - What's Next?

Key Points

• Cargojet shares fell below their 200-day moving average, reaching C$83.01 before last trading at C$85.75. The stock’s 200-day average is C$84.07.
• Analyst sentiment remains positive: ten analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of C$121.00.
• Cargojet reported quarterly revenue of C$275.8 million and EPS of C$0.67, while maintaining a quarterly dividend of C$0.385 per share, equivalent to a 1.8% annual yield.

Shares of Cargojet Inc. (TSE:CJT - Get Free Report) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$84.07 and traded as low as C$83.01. Cargojet shares last traded at C$85.75, with a volume of 37,600 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CJT shares. ATB Cormark Capital Markets upped their price objective on Cargojet from C$110.00 to C$120.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Acumen Capital increased their price objective on Cargojet from C$115.00 to C$120.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Scotiabank raised their price objective on Cargojet from C$120.00 to C$125.00 and gave the company a "sector outperform" rating in a report on Wednesday, August 12th. Desjardins boosted their target price on Cargojet from C$126.00 to C$135.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, TD set a C$128.00 target price on Cargojet and gave the stock a "buy" rating in a research report on Friday, October 2nd. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Cargojet has an average rating of "Moderate Buy" and an average price target of C$121.00.

Cargojet Stock Up 1.3%

The company has a market cap of C$1.27 billion, a PE ratio of 27.75 and a beta of 0.91. The stock's 50 day moving average price is C$85.28 and its 200-day moving average price is C$84.07. The company has a debt-to-equity ratio of 119.27, a quick ratio of 0.79 and a current ratio of 0.83.

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

Cargojet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Monday, October 5th were given a dividend of $0.3850 per share. The ex-dividend date of this dividend was Friday, September 18th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.8%. Cargojet's payout ratio is presently 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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