Magellan Aerospace (TSE:MAL) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Magellan Aerospace's stock price has surpassed its 200-day moving average of C$13.90, trading at C$17.22 with a trading volume of 10,138 shares.
• TD Securities has upgraded the company's price target from C$19.00 to C$20.00, maintaining a "buy" rating.
• The company recently increased its quarterly dividend from $0.03 to $0.05, resulting in a 1.2% dividend yield.

Magellan Aerospace Co. (TSE:MAL - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$13.90 and traded as high as C$17.33. Magellan Aerospace shares last traded at C$17.22, with a volume of 10,138 shares trading hands.

Analyst Upgrades and Downgrades

Separately, TD Securities lifted their price objective on Magellan Aerospace from C$19.00 to C$20.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd.

Magellan Aerospace Price Performance

The company has a debt-to-equity ratio of 11.81, a current ratio of 2.58 and a quick ratio of 1.55. The stock has a 50 day moving average price of C$17.98 and a two-hundred day moving average price of C$14.03. The firm has a market capitalization of C$938.30 million, a price-to-earnings ratio of 48.53, a PEG ratio of -21.36 and a beta of 1.11.

Magellan Aerospace Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 16th. This is a boost 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 1.2%. 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.