Canadian Tire (TSE:CTC.A) Hits New 12-Month High – Here’s Why

Shares of Canadian Tire Co. Limited (TSE:CTC.A) reached a new 52-week high during trading on Thursday . The stock traded as high as C$196.99 and last traded at C$196.52, with a volume of 203750 shares traded. The stock had previously closed at C$194.63.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Scotiabank upgraded Canadian Tire from an “underperform” rating to a “sector perform” rating and boosted their price target for the company from C$160.00 to C$180.00 in a report on Friday, February 20th. BMO Capital Markets raised their price objective on Canadian Tire from C$180.00 to C$194.00 and gave the stock a “market perform” rating in a report on Friday, February 20th. Canadian Imperial Bank of Commerce upped their target price on Canadian Tire from C$181.00 to C$189.00 in a research note on Friday, November 7th. TD Securities increased their target price on Canadian Tire from C$194.00 to C$205.00 and gave the stock a “hold” rating in a research report on Friday, February 20th. Finally, Desjardins raised their price target on Canadian Tire from C$190.00 to C$203.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Canadian Tire has an average rating of “Hold” and an average price target of C$192.29.

Canadian Tire Stock Performance

The company has a market cap of C$10.22 billion, a PE ratio of 19.95, a P/E/G ratio of 0.35 and a beta of 1.20. The stock’s 50 day simple moving average is C$179.47 and its two-hundred day simple moving average is C$172.79. The company has a quick ratio of 1.15, a current ratio of 1.79 and a debt-to-equity ratio of 173.58.

About Canadian Tire

Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or ‘CTC’, is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands.