K-Bro Linen (TSE:KBL) Shares Pass Above 200 Day Moving Average – Here’s What Happened

K-Bro Linen Inc. (TSE:KBL)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$35.76 and traded as high as C$35.80. K-Bro Linen shares last traded at C$35.79, with a volume of 12,688 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, TD Securities dropped their price objective on K-Bro Linen from C$55.00 to C$50.00 in a research note on Friday, November 14th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$50.00.

K-Bro Linen Price Performance

The stock has a market cap of C$460.26 million, a P/E ratio of 20.93, a P/E/G ratio of 3.50 and a beta of 0.36. The business has a 50 day simple moving average of C$34.81 and a 200-day simple moving average of C$35.76. The company has a debt-to-equity ratio of 102.23, a quick ratio of 0.87 and a current ratio of 2.08.

Insiders Place Their Bets

In other news, insider Scott Ian Inglis sold 3,191 shares of the stock in a transaction that occurred on Saturday, December 13th. The shares were sold at an average price of C$35.41, for a total transaction of C$112,993.31. 3.25% of the stock is currently owned by insiders.

About K-Bro Linen

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates in major cities across Canada, and has two distribution centers, providing management services and laundry processing of hospitality, healthcare, and specialty linens. The company provides vital products and services that help people heal, travel, live, and play. It helps hospitals and extended care centers care for the young, old, and vulnerable in environmentally responsible ways. It operates through two divisions, which are the Canadian division and the United Kingdom division.