Desjardins downgraded shares of Cascades Inc (TSE:CAS) from a buy rating to a hold rating in a report released on Monday morning. Desjardins currently has C$15.00 price objective on the stock, down from their prior price objective of C$18.00.
A number of other brokerages have also recently weighed in on CAS. Scotiabank restated a sector perform rating and set a C$17.00 target price on shares of Cascades in a report on Monday, July 24th. Royal Bank Of Canada reduced their target price on shares of Cascades from C$17.00 to C$16.00 and set a sector perform rating for the company in a report on Thursday, August 17th. National Bank Financial reduced their target price on shares of Cascades from C$21.00 to C$18.50 and set an outperform rating for the company in a report on Friday. TD Securities reduced their target price on shares of Cascades from C$18.00 to C$16.50 and set a hold rating for the company in a report on Friday. Finally, CIBC cut shares of Cascades from an outperform rating to a neutral rating in a report on Monday, September 25th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Cascades presently has an average rating of Hold and an average target price of C$16.71.
Cascades (TSE CAS) traded down C$0.56 during trading on Monday, hitting C$12.66. 310,591 shares of the stock traded hands, compared to its average volume of 240,471. Cascades has a twelve month low of C$10.95 and a twelve month high of C$18.20.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, December 1st will be given a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $0.16 annualized dividend and a dividend yield of 1.26%. Cascades’s dividend payout ratio (DPR) is presently 3.44%.
Cascades Inc (Cascades) is a Canada-based company that produces, converts and markets packaging and tissue products consisting of recycled fibers. The Company operates through four segments: Containerboard, Boxboard Europe, Specialty Products (which constitutes the Company’s Packaging Products) and Tissue Papers.
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