Cargojet (TSE:CJT) Share Price Passes Below Two Hundred Day Moving Average Following Analyst Downgrade

Cargojet Inc. (TSE:CJT) passed below its 200-day moving average during trading on Thursday after National Bankshares lowered their price target on the stock from C$123.00 to C$120.00. The stock has a 200-day moving average of C$93.69 and traded as low as C$82.18. National Bankshares currently has an outperform rating on the stock. Cargojet shares last traded at C$82.21, with a volume of 164,530 shares traded.

CJT has been the topic of a number of other reports. CIBC dropped their target price on shares of Cargojet from C$142.00 to C$132.00 in a report on Wednesday, October 8th. ATB Capital dropped their target price on shares of Cargojet from C$155.00 to C$145.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. TD Securities increased their target price on shares of Cargojet from C$150.00 to C$160.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Desjardins set a C$149.00 target price on shares of Cargojet and gave the stock a “buy” rating in a report on Wednesday, October 1st. Finally, Raymond James Financial set a C$132.00 target price on shares of Cargojet and gave the stock an “outperform” rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$143.07.

Cargojet Stock Down 2.1%

The company has a debt-to-equity ratio of 98.69, a quick ratio of 0.79 and a current ratio of 0.56. The company has a market capitalization of C$1.24 billion, a price-to-earnings ratio of 9.11 and a beta of 0.99. The stock’s fifty day simple moving average is C$97.15 and its two-hundred day simple moving average is C$93.69.

Cargojet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Friday, September 19th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.7%. Cargojet’s dividend payout ratio is presently 15.52%.

About Cargojet

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.