Cormark Research Analysts Cut Earnings Estimates for Cargojet Inc. (TSE:CJT)

Cargojet Inc. (TSE:CJT) – Analysts at Cormark reduced their FY2024 earnings estimates for shares of Cargojet in a research report issued to clients and investors on Thursday, August 15th. Cormark analyst D. Ocampo now expects that the company will post earnings per share of $4.54 for the year, down from their prior estimate of $5.58. The consensus estimate for Cargojet’s current full-year earnings is $5.08 per share. Cormark also issued estimates for Cargojet’s Q4 2024 earnings at $1.80 EPS, Q4 2025 earnings at $2.02 EPS, FY2025 earnings at $5.89 EPS and FY2026 earnings at $6.40 EPS.

A number of other research analysts have also weighed in on CJT. ATB Capital raised their target price on shares of Cargojet from C$160.00 to C$165.00 in a report on Thursday, August 15th. CIBC raised their target price on shares of Cargojet from C$159.00 to C$172.00 and gave the company an “outperform” rating in a report on Monday, June 17th. TD Securities raised their target price on shares of Cargojet from C$173.00 to C$176.00 in a report on Thursday, August 15th. National Bankshares raised shares of Cargojet from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$132.00 to C$154.00 in a report on Friday, June 14th. Finally, Canaccord Genuity Group raised their target price on shares of Cargojet from C$150.00 to C$156.00 in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$159.55.

Cargojet Trading Up 0.4 %

Cargojet stock opened at C$124.20 on Monday. The stock has a market cap of C$2.05 billion, a P/E ratio of 53.08 and a beta of 0.90. The company has a debt-to-equity ratio of 85.77, a current ratio of 0.96 and a quick ratio of 0.79. Cargojet has a 1 year low of C$76.50 and a 1 year high of C$143.64. The firm’s 50 day moving average price is C$129.28 and its 200-day moving average price is C$119.88.

Insider Activity at Cargojet

In related news, Senior Officer Ajay Kumar Virmani sold 7,522 shares of Cargojet stock in a transaction dated Friday, June 28th. The stock was 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 Cargojet stock in a transaction dated Friday, June 28th. The stock was sold at an average price of C$140.60, for a total value of C$1,057,623.29. Also, Director Arlene Dickinson sold 1,400 shares of Cargojet stock in a transaction dated Friday, June 7th. The shares were sold at an average price of C$112.00, for a total value of C$156,800.00. Insiders sold 11,372 shares of company stock worth $1,540,886 over the last three months. 2.65% of the stock is owned by corporate insiders.

Cargojet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 20th will be issued a $0.35 dividend. This is an increase from Cargojet’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend is Friday, September 20th. Cargojet’s payout ratio is presently 53.85%.

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.