Company Update (NYSE:CGI): Celadon Group, Inc. Announces Common Stock Offering
Celadon Group, Inc. (NYSE:CGI) announced that it has commenced a public offering of 3,500,000 shares of its common stock. In connection with the offering, the underwriter will have an option for 30 days to purchase up to 525,000 additional shares of common stock. All of the shares included in the offering are primary shares offered by the Company. The Company expects to use the net proceeds from the offering to reduce the outstanding borrowing under its revolving line of credit and for general corporate purposes. (Original Source)
Shares of Celadon closed today at $23.96, up $0.08 or 0.34%. CGI has a 1-year high of $29.15 and a 1-year low of $18.12. The stock’s 50-day moving average is $25.88 and its 200-day moving average is $24.35.
On the ratings front, Celadon has been the subject of a number of recent research reports. In a report issued on April 29, Stephens Inc analyst Brad Delco upgraded CGI to Buy, with a price target of $32, which implies an upside of 33.6% from current levels. Separately, on March 23, BB&T’s Thomas Albrecht also upgraded the stock to Buy .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brad Delco and Thomas Albrecht have a total average return of 54.1% and -0.1% respectively. Delco has a success rate of 80.0% and is ranked #870 out of 3607 analysts, while Albrecht has a success rate of 45.5% and is ranked #2686.
Celadon Group Inc, through its subsidiaries, provides truckload transportation services between United States, Canada and Mexico. It offers services such as long-haul, regional, dedicated, less-than-truckload, intermodal and logistics services.