Cargojet (TSE:CJT) Lowered to “Hold” at Scotiabank

Scotiabank cut shares of Cargojet (TSE:CJT) from a strong-buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

A number of other research firms have also issued reports on CJT. Canaccord Genuity Group upped their target price on shares of Cargojet from C$145.00 to C$148.00 in a report on Wednesday, April 24th. Acumen Capital upped their price objective on shares of Cargojet from C$165.00 to C$175.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. CIBC lifted their target price on shares of Cargojet from C$159.00 to C$172.00 and gave the stock an outperform rating in a research note on Monday, June 17th. National Bankshares raised Cargojet from a sector perform rating to an outperform rating and increased their price target for the stock from C$132.00 to C$154.00 in a research note on Friday, June 14th. Finally, National Bank Financial upgraded Cargojet from a hold rating to a strong-buy rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of C$156.00.

Cargojet Trading Down 0.5 %

Shares of Cargojet stock opened at C$132.84 on Wednesday. Cargojet has a 1 year low of C$76.50 and a 1 year high of C$143.64. The company has a debt-to-equity ratio of 85.77, a current ratio of 0.96 and a quick ratio of 0.79. The business has a 50 day moving average price of C$124.42 and a 200 day moving average price of C$118.58. The company has a market capitalization of C$2.19 billion, a P/E ratio of 56.77 and a beta of 1.00.

Cargojet (TSE:CJT) last released its quarterly earnings results on Monday, April 29th. The company reported C$1.86 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.71 by C$1.15. Cargojet had a return on equity of 4.78% and a net margin of 4.48%. The company had revenue of C$231.20 million during the quarter, compared to analysts’ expectations of C$233.80 million. Sell-side analysts anticipate that Cargojet will post 4.4768237 EPS for the current fiscal year.

Cargojet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, July 5th were given a $0.315 dividend. This represents a $1.26 annualized dividend and a dividend yield of 0.95%. The ex-dividend date was Thursday, June 20th. Cargojet’s dividend payout ratio (DPR) is currently 53.85%.

Insider Activity at Cargojet

In other Cargojet news, Director Arlene Dickinson sold 1,400 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$112.00, for a total transaction of C$156,800.00. In related news, Senior Officer Paul David Rinaldo sold 1,500 shares of Cargojet stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of C$133.25, for a total transaction of C$199,875.00. Also, Director Arlene Dickinson sold 1,400 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of C$112.00, for a total transaction of C$156,800.00. Over the last 90 days, insiders have sold 18,979 shares of company stock worth $2,442,315. 2.71% of the stock is owned by insiders.

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.