Finning International (TSE:FTT) Trading Down 8.7% – Here’s Why

Finning International Inc. (TSE:FTT)’s share price dropped 8.7% during trading on Monday . The company traded as low as C$95.59 and last traded at C$98.48. Approximately 306,473 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 442,917 shares. The stock had previously closed at C$107.90.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FTT. BMO Capital Markets upped their target price on Finning International from C$96.00 to C$115.00 in a research report on Thursday, May 14th. National Bank Financial set a C$115.00 price target on shares of Finning International and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. Royal Bank Of Canada boosted their price target on shares of Finning International from C$104.00 to C$130.00 in a research note on Friday, May 15th. Scotiabank raised their price objective on shares of Finning International from C$114.00 to C$118.00 and gave the company a “sector outperform” rating in a research note on Tuesday, July 7th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on shares of Finning International from C$100.00 to C$120.00 in a report on Thursday, May 14th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Finning International has an average rating of “Buy” and an average target price of C$115.78.

Finning International Price Performance

The company has a current ratio of 1.61, a quick ratio of 0.59 and a debt-to-equity ratio of 88.08. The business has a 50-day moving average of C$101.26 and a 200 day moving average of C$93.82. The firm has a market capitalization of C$12.93 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 0.56 and a beta of 0.88.

Finning International (TSE:FTT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported C$1.02 EPS for the quarter. Finning International had a net margin of 6.34% and a return on equity of 24.23%. The firm had revenue of C$2.50 billion during the quarter. As a group, research analysts anticipate that Finning International Inc. will post 4.244898 EPS for the current fiscal year.

Insider Activity at Finning International

In related news, insider Tim Arne Ferwerda sold 1,478 shares of Finning International stock in a transaction on Monday, June 1st. The stock was sold at an average price of C$106.12, for a total transaction of C$156,845.36. Following the sale, the insider directly owned 16,016 shares in the company, valued at approximately C$1,699,617.92. This trade represents a 8.45% decrease in their ownership of the stock. Also, insider Gary Samuel Megarrell sold 300 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of C$103.00, for a total value of C$30,900.00. Following the completion of the transaction, the insider directly owned 2,511 shares in the company, valued at approximately C$258,633. This represents a 10.67% decrease in their position. Over the last ninety days, insiders sold 7,813 shares of company stock valued at $827,102. 0.10% of the stock is currently owned by corporate insiders.

About Finning International

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company sells and rents Caterpillar machinery to the mining, construction, petroleum, forestry, and power system application industries. Finning International further provides parts and services for equipment and engines to its customers via its owned distribution network and buys and sells used equipment domestically and internationally after reconditioning or rebuilding the machinery.