Aecon Group (TSE:ARE) Reaches New 52-Week High Following Analyst Upgrade

Aecon Group Inc. (TSE:ARE)’s share price hit a new 52-week high during mid-day trading on Thursday after Raymond James raised their price target on the stock from C$16.00 to C$24.00. Raymond James currently has a market perform rating on the stock. Aecon Group traded as high as C$23.24 and last traded at C$23.14, with a volume of 85710 shares. The stock had previously closed at C$23.06.

A number of other research analysts have also recently issued reports on the company. CIBC lifted their target price on Aecon Group from C$22.00 to C$25.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets decreased their price target on shares of Aecon Group from C$17.50 to C$16.50 in a report on Wednesday, July 24th. TD Securities dropped their price objective on shares of Aecon Group from C$17.00 to C$16.00 and set a “hold” rating for the company in a research note on Friday, July 26th. Stifel Canada upgraded shares of Aecon Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada upped their price target on shares of Aecon Group from C$13.00 to C$17.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$22.07.

Insider Activity

In other Aecon Group news, Senior Officer Timothy John Murphy purchased 4,244 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of C$17.66 per share, with a total value of C$74,969.84. 0.82% of the stock is owned by company insiders.

Aecon Group Trading Up 0.6 %

The firm has a market cap of C$1.45 billion, a price-to-earnings ratio of -85.89, a P/E/G ratio of 18.18 and a beta of 1.13. The firm’s 50-day moving average is C$20.32 and its 200-day moving average is C$17.75. The company has a current ratio of 1.35, a quick ratio of 1.27 and a debt-to-equity ratio of 32.86.

Aecon Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Wednesday, October 2nd were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Friday, September 20th. Aecon Group’s dividend payout ratio is currently -281.48%.

About Aecon Group

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.