Scotiabank Downgrades Cargojet (TSE:CJT) to Hold

Cargojet (TSE:CJT) was downgraded by equities researchers at Scotiabank from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

A number of other equities research analysts also recently issued reports on the stock. National Bank Financial upgraded shares of Cargojet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 13th. TD Securities lifted their price target on shares of Cargojet from C$162.00 to C$173.00 in a research report on Wednesday, June 12th. Canaccord Genuity Group lifted their price target on shares of Cargojet from C$145.00 to C$148.00 in a research report on Wednesday, April 24th. Acumen Capital raised their price objective on shares of Cargojet from C$165.00 to C$175.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, CIBC raised their price objective 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. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$156.00.

Cargojet Price Performance

Shares of TSE:CJT opened at C$133.53 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.96 and a debt-to-equity ratio of 85.77. The company has a market cap of C$2.20 billion, a P/E ratio of 57.06 and a beta of 1.00. Cargojet has a 52 week low of C$76.50 and a 52 week high of C$143.64. The company has a 50-day moving average price of C$124.14 and a 200 day moving average price of C$118.45.

Cargojet (TSE:CJT) last announced its quarterly earnings data on Monday, April 29th. The company reported C$1.86 EPS for the quarter, beating analysts’ consensus estimates of C$0.71 by C$1.15. Cargojet had a net margin of 4.48% and a return on equity of 4.78%. The firm had revenue of C$231.20 million during the quarter, compared to the consensus estimate of C$233.80 million. Research analysts predict that Cargojet will post 4.4768237 earnings per share for the current year.

Insider Activity

In related news, Senior Officer Ajay Kumar Virmani sold 950 shares of Cargojet stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$133.25, for a total transaction of C$126,587.50. In related news, Senior Officer Ajay Kumar Virmani sold 950 shares of Cargojet stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$133.25, for a total transaction of C$126,587.50. Also, Director Arlene Dickinson sold 1,400 shares of Cargojet stock in a transaction on Friday, June 7th. The shares were sold at an average price of C$112.00, for a total transaction of C$156,800.00. Insiders sold 18,979 shares of company stock valued at $2,442,315 in the last ninety days. Company insiders own 2.71% of the company’s stock.

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.