CIBC Raises Aecon Group (TSE:ARE) Price Target to C$23.00

Aecon Group (TSE:ARE) had its price target lifted by CIBC from C$22.00 to C$23.00 in a research note issued to investors on Friday, BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently issued reports on ARE. TD Securities upped their price objective on shares of Aecon Group from C$14.00 to C$18.50 and gave the company a hold rating in a research note on Friday, March 8th. Canaccord Genuity Group upped their price objective on shares of Aecon Group from C$14.00 to C$26.00 and gave the company a buy rating in a research note on Thursday, March 7th. Desjardins increased their price target on shares of Aecon Group from C$16.00 to C$20.00 and gave the stock a buy rating in a research note on Thursday, March 7th. Raymond James increased their price target on shares of Aecon Group from C$14.00 to C$16.00 and gave the stock a market perform rating in a research note on Thursday, March 7th. Finally, Royal Bank of Canada increased their price target on shares of Aecon Group from C$10.00 to C$13.00 and gave the stock a sector perform rating in a research note on Thursday, March 7th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of C$19.17.

Aecon Group Trading Down 0.4 %

Shares of ARE opened at C$16.98 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.27 and a debt-to-equity ratio of 39.29. The firm’s 50-day moving average is C$16.21 and its two-hundred day moving average is C$13.66. Aecon Group has a twelve month low of C$8.42 and a twelve month high of C$17.40. The firm has a market capitalization of C$1.06 billion, a P/E ratio of 8.09, a PEG ratio of 18.18 and a beta of 1.16.

Aecon Group (TSE:ARE) last released its quarterly earnings results on Wednesday, April 24th. The company reported C($0.10) EPS for the quarter, beating the consensus estimate of C($0.14) by C$0.04. The business had revenue of C$846.59 million for the quarter, compared to analyst estimates of C$1.03 billion. Aecon Group had a net margin of 3.49% and a return on equity of 16.04%. On average, research analysts predict that Aecon Group will post 0.7603047 earnings per share for the current fiscal year.

Aecon Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 3rd. Shareholders of record on Friday, March 22nd were issued a dividend of $0.19 per share. This is a positive change from Aecon Group’s previous quarterly dividend of $0.19. This represents a $0.76 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Thursday, March 21st. Aecon Group’s dividend payout ratio (DPR) is currently 36.19%.

Insiders Place Their Bets

In other Aecon Group news, Director Stuart Lee purchased 7,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was acquired at an average cost of C$16.33 per share, with a total value of C$114,310.00. In related news, Senior Officer Adam Robert Borgatti purchased 4,231 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost of C$13.07 per share, for a total transaction of C$55,299.17. Also, Director Stuart Lee purchased 7,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were bought at an average price of C$16.33 per share, for a total transaction of C$114,310.00. 1.72% of the stock is owned by company insiders.

Aecon Group Company Profile

Aecon Group Inc, together with its subsidiaries, provide construction and infrastructure development services to private and public sector clients in Canada, the United States, and internationally. It operates through two segments, Construction and Concessions. The Construction segment focuses on civil infrastructure, urban transportation solutions, nuclear power infrastructure, utility infrastructure, and conventional industrial infrastructure market sectors.