Champion Iron (TSE:CIA) Shares Pass Below 200-Day Moving Average - Here's What Happened

Key Points

• Champion Iron shares fell below their 200-day moving average of C$4.38, trading as low as C$3.41 before closing at C$3.42 on volume of 527,409 shares.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of C$6.08, despite several recent target reductions and one downgrade to “Hold.”
• Champion operates the Bloom Lake iron ore complex in Québec, producing high-purity concentrates with annual nameplate capacity of 15 million wet metric tonnes.

Champion Iron Limited (TSE:CIA - Get Free Report)'s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$4.38 and traded as low as C$3.41. Champion Iron shares last traded at C$3.42, with a volume of 527,409 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. National Bank Financial dropped their price target on Champion Iron from C$5.75 to C$5.50 and set an "outperform" rating on the stock in a research note on Tuesday, July 14th. Scotiabank reduced their price objective on Champion Iron from C$6.00 to C$5.50 and set a "sector outperform" rating for the company in a research note on Monday, June 15th. TD increased their price objective on Champion Iron from C$5.00 to C$6.50 and gave the company a "buy" rating in a report on Tuesday, July 14th. BMO Capital Markets lowered shares of Champion Iron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Scotia cut their target price on shares of Champion Iron from C$5.50 to C$5.00 and set a "sector outperform" rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of C$6.08.

Champion Iron Stock Up 0.6%

The company has a debt-to-equity ratio of 87.81, a current ratio of 1.56 and a quick ratio of 2.01. The firm's 50 day moving average price is C$3.69 and its two-hundred day moving average price is C$4.38. The firm has a market cap of C$1.92 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of -1.35 and a beta of 0.29.

Champion Iron Company Profile

Champion is a high-purity iron ore producer with operations in Canada and Norway. Through Quebec Iron Ore Inc, Champion owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M wmt per year that produce low contaminant high-purity iron ore concentrates with a proven ability to produce direct reduction grade quality iron ore concentrate.

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