Canadian Tire (TSE:CTC) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Canadian Tire Co., Limited (TSE:CTC)’s share price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$218.56 and traded as high as C$235.00. Canadian Tire shares last traded at C$235.00, with a volume of 328 shares changing hands.

Analysts Set New Price Targets

Separately, Royal Bank of Canada cut Canadian Tire from a “moderate buy” rating to a “hold” rating in a report on Friday, November 8th.

Canadian Tire Price Performance

The company’s fifty day moving average is C$218.56 and its two-hundred day moving average is C$222.42. The company has a quick ratio of 1.15, a current ratio of 1.79 and a debt-to-equity ratio of 173.58. The firm has a market capitalization of C$803.70 million, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 0.49 and a beta of 1.33.

Canadian Tire (TSE:CTC) last posted its quarterly earnings results on Thursday, November 7th. The company reported C$3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of C$3.02 by C$0.57. Canadian Tire had a return on equity of 7.45% and a net margin of 2.33%. During the same period last year, the company posted $2.96 EPS. Equities research analysts anticipate that Canadian Tire Co., Limited will post 13.6961722 earnings per share for the current fiscal year.

Canadian Tire Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, January 31st will be given a dividend of $1.775 per share. This is a positive change from Canadian Tire’s previous quarterly dividend of $1.75. This represents a $7.10 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Friday, January 31st. Canadian Tire’s payout ratio is presently 102.19%.

About Canadian Tire

Canadian Tire Corporation, Limited provides a range of retail goods and services in Canada. It operates in three segments: Retail, CT REIT, and Financial Services. The Retail segment retails automotive maintenance products and accessories, parts, and tires, as well as automotive services and roadside assistance; electrical, hardware, home environment, paint, plumbing, and tool products; cleaning, food & drink, home décor, home essentials, home organization, kitchen, and pet care products; camping, exercise, hockey, hunting, fishing, seasonal recreation, and team sports and golf products; and backyard living, backyard fun, cycling, gardening, outdoor tools, seasonal, and toy products.