Cargojet (TSE:CJT) Shares Down 8.8% – Here’s What Happened

Cargojet Inc. (TSE:CJT)’s stock price fell 8.8% on Wednesday . The company traded as low as C$72.50 and last traded at C$73.22. 82,050 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 87,959 shares. The stock had previously closed at C$80.32.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CJT. Scotiabank lowered their target price on shares of Cargojet from C$140.00 to C$135.00 in a report on Friday, October 3rd. Acumen Capital cut their target price on Cargojet from C$175.00 to C$170.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. ATB Capital decreased their target price on Cargojet from C$155.00 to C$145.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Raymond James Financial set a C$132.00 price target on Cargojet and gave the stock an “outperform” rating in a research note on Friday, September 5th. Finally, National Bankshares cut their price target on Cargojet from C$123.00 to C$120.00 and set an “outperform” rating for the company in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$137.54.

Cargojet Price Performance

The company has a debt-to-equity ratio of 98.69, a quick ratio of 0.79 and a current ratio of 0.56. The firm’s fifty day simple moving average is C$90.43 and its 200 day simple moving average is C$94.13. The firm has a market cap of C$1.05 billion, a P/E ratio of 7.69 and a beta of 0.85.

Cargojet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, September 19th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.0%. Cargojet’s dividend payout ratio is presently 15.52%.

About Cargojet

Cargojet Inc operates a domestic air cargo co-load network between sixteen major Canadian cities. The company provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance and Insurance basis, operating between points in Canada, USA, Mexico and Europe. The company also operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, UK and Germany; and between Canada and Mexico.