Empire (TSE:EMP.A) Shares Cross Above 200-Day Moving Average - Here's Why

Empire Company Limited (TSE:EMP.A - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$35.82 and traded as high as C$40.33. Empire shares last traded at C$40.19, with a volume of 287,312 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Desjardins increased their target price on shares of Empire from C$42.00 to C$44.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. CIBC increased their target price on shares of Empire from C$40.00 to C$47.00 and gave the stock an "outperform" rating in a research report on Friday, September 13th. National Bankshares increased their target price on shares of Empire from C$42.00 to C$46.00 and gave the stock a "sector perform" rating in a research report on Friday, September 13th. Royal Bank of Canada increased their target price on shares of Empire from C$41.00 to C$42.00 and gave the stock a "sector perform" rating in a research report on Friday, September 13th. Finally, BMO Capital Markets increased their price target on shares of Empire from C$40.00 to C$43.00 and gave the stock a "market perform" rating in a research report on Friday, September 13th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of C$43.14.

Empire Price Performance

The company's 50 day moving average price is C$39.63 and its 200-day moving average price is C$35.88. The stock has a market cap of C$5.75 billion, a P/E ratio of 14.94, a P/E/G ratio of 16.20 and a beta of 0.48. The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51.

Empire Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 31st will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Tuesday, October 15th. Empire's payout ratio is 29.20%.

Insiders Place Their Bets

In other news, Senior Officer Pierre St-Laurent sold 4,850 shares of Empire stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of C$41.21, for a total transaction of C$199,868.50. In related news, Senior Officer Pierre St-Laurent sold 4,850 shares of the business's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of C$41.21, for a total transaction of C$199,868.50. Also, Senior Officer Douglas Bigler Nathanson sold 3,658 shares of the business's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of C$40.26, for a total transaction of C$147,252.79. Over the last ninety days, insiders sold 13,033 shares of company stock worth $526,583. 2.18% of the stock is currently owned by company insiders.

About Empire

Empire Company Limited, together with its subsidiaries, engages in the food retail and related real estate businesses in Canada. It operates through two segments, Food Retailing, and Investments and Other Operations. The company owns, affiliates, and franchises approximately 1,500 retail stores under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawtons Drugs; and approximately 350 retail fuel locations.