Cargojet (TSE:CJT) Downgraded by Scotiabank

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

Other equities analysts have also issued reports about the stock. Canaccord Genuity Group raised their price target on shares of Cargojet from C$145.00 to C$148.00 in a research report on Wednesday, April 24th. National Bankshares upgraded shares of Cargojet from a “sector perform” rating to an “outperform” rating and raised their price target for the company from C$132.00 to C$154.00 in a research note on Friday, June 14th. TD Securities lifted their price target on shares of Cargojet from C$162.00 to C$173.00 in a report on Wednesday, June 12th. CIBC boosted 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. Finally, Acumen Capital upped their price target on shares of Cargojet from C$165.00 to C$175.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$156.00.

Cargojet Stock Performance

Shares of CJT opened at C$133.53 on Wednesday. Cargojet has a 12 month low of C$76.50 and a 12 month high of C$143.64. The firm has a fifty day simple moving average of C$124.14 and a 200 day simple moving average of C$118.45. The stock has a market capitalization of C$2.20 billion, a price-to-earnings ratio of 57.06 and a beta of 1.00. The company has a current ratio of 0.96, a quick ratio of 0.79 and a debt-to-equity ratio of 85.77.

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

Insider Buying and Selling

In related news, Senior Officer Ajay Kumar Virmani sold 7,522 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of C$140.60, for a total value of C$1,057,623.29. In related news, Senior Officer Ajay Kumar Virmani sold 7,522 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of C$140.60, for a total value of C$1,057,623.29. Also, Senior Officer Pauline Dhillon sold 7,607 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of C$118.50, for a total transaction of C$901,429.50. Following the completion of the sale, the insider now owns 445 shares in the company, valued at approximately C$52,732.50. Insiders have sold 18,979 shares of company stock worth $2,442,315 in the last quarter. 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.