CAE (CAE) Trading Up 5.6% After Dividend Announcement
Cae Inc (NYSE:CAE) (TSE:CAE) was up 5.6% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $18.58 and last traded at $18.40. Approximately 626,552 shares traded hands during trading, an increase of 141% from the average daily volume of 259,485 shares. The stock had previously closed at $17.43.
The newly announced dividend which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.071 per share. This is a positive change from CAE’s previous quarterly dividend of $0.07. The ex-dividend date is Wednesday, March 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.54%. CAE’s dividend payout ratio is currently 31.18%.
A number of research analysts have recently commented on CAE shares. Zacks Investment Research raised CAE from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Tuesday, November 14th. ValuEngine lowered CAE from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. AltaCorp Capital reissued a “hold” rating and set a $21.00 price objective on shares of CAE in a report on Sunday, November 12th. Finally, Royal Bank of Canada raised CAE from a “sector perform” rating to an “outperform” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.33.
CAE (NYSE:CAE) (TSE:CAE) last announced its earnings results on Friday, February 9th. The aerospace company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. CAE had a return on equity of 13.24% and a net margin of 11.31%. The firm had revenue of $704.40 million during the quarter, compared to the consensus estimate of $729.98 million. During the same quarter in the prior year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. sell-side analysts predict that Cae Inc will post 0.84 earnings per share for the current year.
CAE announced that its Board of Directors has authorized a stock repurchase plan on Friday, February 9th that allows the company to buyback 5,350,000 shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently made changes to their positions in CAE. USS Investment Management Ltd boosted its stake in CAE by 46.9% during the 4th quarter. USS Investment Management Ltd now owns 4,010,230 shares of the aerospace company’s stock valued at $74,641,000 after purchasing an additional 1,279,612 shares during the period. The Manufacturers Life Insurance Company boosted its stake in CAE by 33.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,474,174 shares of the aerospace company’s stock valued at $45,920,000 after purchasing an additional 616,203 shares during the period. Artisan Partners Limited Partnership bought a new stake in CAE during the 3rd quarter valued at approximately $9,828,000. AGF Investments Inc. boosted its stake in CAE by 73.8% during the 4th quarter. AGF Investments Inc. now owns 727,592 shares of the aerospace company’s stock valued at $13,516,000 after purchasing an additional 308,848 shares during the period. Finally, Forsta AP Fonden bought a new stake in CAE during the 4th quarter valued at approximately $5,439,000. Hedge funds and other institutional investors own 52.12% of the company’s stock.
CAE Company Profile
CAE Inc provides training for the civil aviation, defense and security, and healthcare markets. The Company designs and integrates training solutions. It operates through three segments: Civil Aviation Training Solutions, Defense and Security, and Healthcare. The Company provides training solutions for flight, cabin, maintenance and ground personnel in commercial, business and helicopter aviation, a range of flight simulation training devices, as well as ab initio pilot training and crew sourcing services.
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