Magellan Aerospace (TSE:MAL) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Magellan Aerospace's stock price has risen above its 200-day moving average, reaching C$15.79 during trading, with a last trade at C$15.66.
• TD Securities has upgraded Magellan Aerospace's target price from C$19.00 to C$20.00 and maintains a "buy" rating on the stock.
• The company recently increased its quarterly dividend from $0.03 to $0.05 per share, resulting in a yield of 1.3%.

Shares of Magellan Aerospace Co. (TSE:MAL - Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$14.73 and traded as high as C$15.79. Magellan Aerospace shares last traded at C$15.66, with a volume of 34,566 shares.

Wall Street Analysts Forecast Growth

Separately, TD Securities upped their price objective on shares of Magellan Aerospace from C$19.00 to C$20.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of C$20.00.

Magellan Aerospace Stock Performance

The firm's 50 day moving average price is C$17.24 and its two-hundred day moving average price is C$14.90. The company has a debt-to-equity ratio of 11.81, a quick ratio of 1.55 and a current ratio of 2.58. The firm has a market cap of C$895.94 million, a PE ratio of 23.76, a PEG ratio of -21.36 and a beta of -0.08.

Magellan Aerospace Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 30th were paid a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This is an increase from Magellan Aerospace's previous quarterly dividend of $0.03. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.3%. Magellan Aerospace's payout ratio is presently 18.94%.

About Magellan Aerospace

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.