Cargojet (TSE:CJT) Stock Price Breaks Below 200 Day Moving Average – Here’s What Happened

Cargojet Inc. (TSE:CJT) passed 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 brokerages recently issued reports on CJT. Desjardins boosted their price target on Cargojet from C$126.00 to C$135.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Scotiabank increased their price objective on Cargojet from C$120.00 to C$125.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 12th. National Bank Financial set a C$112.00 price objective on Cargojet and gave the stock an “outperform” rating in a research report on Friday, October 2nd. Acumen Capital lifted their target price on Cargojet from C$115.00 to C$120.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, TD set a C$128.00 target price on Cargojet and gave the company a “buy” rating in a report on Friday, October 2nd. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$121.00.

Cargojet Stock Performance

The company has a market cap of C$1.23 billion, a PE ratio of 26.90 and a beta of 0.91. The stock’s 50 day simple moving average is C$84.61 and its two-hundred day simple moving average is C$84.19. 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) last announced its quarterly earnings results on Monday, August 10th. The company reported C$0.67 earnings per share for the quarter. Cargojet had a net margin of 4.49% and a return on equity of 6.30%. The firm had revenue of C$275.80 million for the quarter. As a group, research analysts anticipate that Cargojet Inc. will post 5.89 earnings per share for the current year.

Cargojet Dividend Announcement

The business also recently declared 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 1.9%. Cargojet’s dividend payout ratio (DPR) 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.