Magellan Aerospace (TSE:MAL) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Magellan Aerospace's stock price recently exceeded its 200-day moving average, trading at C$17.50, which is significantly higher than its average of C$13.63.
• TD Securities upgraded Magellan Aerospace's target price from C$19.00 to C$20.00 and rated the stock as a "buy."
• The company has increased its quarterly dividend to $0.05 per share, reflecting a yield of 1.19% and a boost from the previous $0.03 dividend.

Magellan Aerospace Co. (TSE:MAL - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$13.63 and traded as high as C$17.75. Magellan Aerospace shares last traded at C$17.50, with a volume of 18,300 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, TD Securities boosted their target price on shares of Magellan Aerospace from C$19.00 to C$20.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd.

Magellan Aerospace Stock Down 1.5%

The company has a market capitalization of C$915.62 million, a PE ratio of 47.35, a price-to-earnings-growth ratio of -21.36 and a beta of 1.11. The firm's 50-day simple moving average is C$17.86 and its 200 day simple moving average is C$13.72. The company has a debt-to-equity ratio of 11.81, a quick ratio of 1.55 and a current ratio of 2.58.

Magellan Aerospace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were given a dividend of $0.05 per share. This is a positive change from Magellan Aerospace's previous quarterly dividend of $0.03. This represents a $0.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Monday, June 16th. Magellan Aerospace's payout ratio is presently 28.61%.

Magellan Aerospace Company Profile

Magellan Aerospace Corp supplies components to the aerospace industry. It has two major product groups: aerostructures and aeroengines. Its engines and parts may be applied to new aircraft, or as replacement parts to existing platforms. The company also provides aftermarket support by conducting specific repairs and other maintenance services.