Hammond Power Solutions (TSE:HPS.A) Share Price Crosses Above 50 Day Moving Average – Here’s What Happened

Hammond Power Solutions Inc. (TSE:HPS.A)’s stock price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$290.15 and traded as high as C$324.99. Hammond Power Solutions shares last traded at C$318.48, with a volume of 41,680 shares changing hands.

Analysts Set New Price Targets

HPS.A has been the subject of a number of analyst reports. Canaccord Genuity Group increased their price objective on shares of Hammond Power Solutions from C$226.00 to C$348.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. National Bank Financial increased their price target on Hammond Power Solutions from C$325.00 to C$355.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 10th. JPMorgan Chase & Co. set a C$430.00 price objective on Hammond Power Solutions and gave the company an “overweight” rating in a research report on Thursday, May 28th. Royal Bank Of Canada lifted their target price on Hammond Power Solutions from C$250.00 to C$350.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, ATB Cormark Capital Markets boosted their price target on Hammond Power Solutions from C$250.00 to C$350.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$366.60.

Hammond Power Solutions Stock Up 2.6%

The company has a market capitalization of C$4.15 billion, a PE ratio of 63.27 and a beta of 1.38. The company’s 50 day moving average is C$293.06 and its two-hundred day moving average is C$219.82. The company has a quick ratio of 1.06, a current ratio of 2.03 and a debt-to-equity ratio of 10.76.

Hammond Power Solutions (TSE:HPS.A) last announced its quarterly earnings results on Tuesday, May 5th. The company reported C$2.08 EPS for the quarter. Hammond Power Solutions had a net margin of 8.73% and a return on equity of 28.43%. The business had revenue of C$264.84 million for the quarter. On average, analysts anticipate that Hammond Power Solutions Inc. will post 7.4221267 earnings per share for the current year.

Hammond Power Solutions Company Profile

Hammond Power Solutions Inc is engaged in designing and manufacturing of custom electrical magnetics, cast resin, custom liquid filled distribution and power transformers and standard electrical transformers, serving the electrical and electronic industries. The company has manufacturing plants in Canada, the United States, Mexico and India. The company operates in various geographical markets including Canada, the United States, Mexico, and India in which it derives majority revenue in the United States and Mexico.