Cargojet (TSE:CJT) Share Price Passes Below 200-Day Moving Average – What’s Next?

Cargojet Inc. (TSE:CJT) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$128.01 and traded as low as C$109.97. Cargojet shares last traded at C$111.60, with a volume of 89,520 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on CJT. Cormark raised their price objective on shares of Cargojet from C$135.00 to C$140.00 in a research report on Thursday, August 15th. Canaccord Genuity Group lifted their price target on Cargojet from C$160.00 to C$165.00 in a report on Wednesday, November 6th. CIBC upped their price objective on Cargojet from C$172.00 to C$177.00 in a report on Wednesday, December 4th. ATB Capital dropped their target price on Cargojet from C$165.00 to C$155.00 in a report on Wednesday, November 6th. Finally, Acumen Capital upped their price target on shares of Cargojet from C$175.00 to C$178.00 in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cargojet has a consensus rating of “Moderate Buy” and a consensus price target of C$159.27.

Cargojet Price Performance

The business’s 50 day simple moving average is C$129.24 and its 200-day simple moving average is C$128.01. The stock has a market capitalization of C$1.80 billion, a price-to-earnings ratio of -117.47 and a beta of 0.91. The company has a quick ratio of 0.79, a current ratio of 0.59 and a debt-to-equity ratio of 99.84.

Cargojet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Friday, October 4th were given a dividend of $0.35 per share. This is an increase from Cargojet’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 1.25%. The ex-dividend date was Friday, September 20th. Cargojet’s payout ratio is currently -147.37%.

About Cargojet

Cargojet Inc provides time sensitive overnight air cargo services and carriers in Canada. It operates domestic air cargo network services between 16 Canadian cities; and provides dedicated aircraft to customers on an aircraft, crew, maintenance, and insurance basis operating between points in Canada, North and South America, and Europe.