Magellan Aerospace (TSE:MAL) Hits New 12-Month High - Here's Why

Key Points

• Magellan Aerospace shares reached a new 52-week high, trading as high as C$40.51 and closing near C$39.85, despite a reported 3.8% decline.
• Analysts remain bullish: TD and ATB Cormark raised their price targets to C$37 and C$46, respectively. The stock has a consensus “Buy” rating, though the average target of C$36 is below its recent trading level.
• The company reported quarterly revenue of C$285.1 million and earnings of C$0.29 per share, while maintaining a quarterly dividend of C$0.05, equivalent to a 0.5% yield.

Magellan Aerospace Co. (TSE:MAL - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as C$40.51 and last traded at C$39.85, with a volume of 14524 shares traded. The stock had previously closed at C$40.36.

Wall Street Analysts Forecast Growth

MAL has been the subject of several recent research reports. TD upped their price target on shares of Magellan Aerospace from C$30.00 to C$37.00 and gave the company a "buy" rating in a research report on Monday, June 8th. ATB Cormark Capital Markets lifted their price target on shares of Magellan Aerospace from C$31.00 to C$46.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of C$36.00.

Magellan Aerospace Stock Down 3.8%

The stock's 50-day moving average price is C$33.71 and its 200-day moving average price is C$27.33. The company has a current ratio of 2.51, a quick ratio of 1.55 and a debt-to-equity ratio of 11.46. The stock has a market cap of C$2.22 billion, a price-to-earnings ratio of 49.15, a P/E/G ratio of -21.36 and a beta of 1.06.

Magellan Aerospace (TSE:MAL - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported C$0.29 earnings per share for the quarter. The business had revenue of C$285.10 million during the quarter. Magellan Aerospace had a net margin of 4.22% and a return on equity of 5.48%. On average, sell-side analysts expect that Magellan Aerospace Co. will post 0.9692308 earnings per share for the current year.

Magellan Aerospace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.20 annualized dividend and a dividend yield of 0.5%. Magellan Aerospace's dividend payout ratio (DPR) is 25.32%.

Magellan Aerospace Company Profile

Magellan Aerospace is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, industrial power generation, and specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange TSX: MAL, with operating units throughout North America, Europe and India.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source