Cargojet (TSE:CJT) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Shares of Cargojet Inc. (TSE:CJT) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$84.84 and traded as high as C$88.00. Cargojet shares last traded at C$86.92, with a volume of 137,316 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CJT shares. Scotiabank cut their price target on Cargojet from C$118.00 to C$115.00 and set an “outperform” rating for the company in a research note on Thursday, April 9th. Canadian Imperial Bank of Commerce boosted their price target on Cargojet from C$116.00 to C$122.00 in a research note on Thursday, April 2nd. National Bank Financial boosted their price target on Cargojet from C$104.00 to C$108.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Stifel Nicolaus boosted their price target on Cargojet from C$100.00 to C$120.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, BMO Capital Markets cut their price target on Cargojet from C$94.00 to C$85.00 and set a “market perform” rating for the company in a research note on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$124.58.

Cargojet Stock Up 0.7%

The firm has a 50 day simple moving average of C$82.13 and a two-hundred day simple moving average of C$84.84. The company has a quick ratio of 0.79, a current ratio of 0.91 and a debt-to-equity ratio of 123.57. The stock has a market capitalization of C$1.30 billion, a P/E ratio of 35.48 and a beta of 0.87.

Cargojet (TSE:CJT) last announced its quarterly earnings results on Monday, May 4th. The company reported C$0.60 EPS for the quarter. Cargojet had a return on equity of 4.92% and a net margin of 3.64%.The company had revenue of C$254.70 million during the quarter. On average, equities research analysts expect that Cargojet Inc. will post 5.890933 earnings per share for the current year.

Cargojet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Thursday, April 2nd were paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, March 20th. This is a positive change from Cargojet’s previous quarterly dividend of $0.35. Cargojet’s dividend payout ratio is currently 58.57%.

Cargojet Company Profile

Cargojet Inc operates a domestic air cargo co-load network between sixteen major Canadian cities. The company provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance and Insurance basis, operating between points in Canada, USA, Mexico and Europe. The company also operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, UK and Germany; and between Canada and Mexico.