Martinrea International (TSE:MRE) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Martinrea International's stock price has crossed above its 200-day moving average, reaching a high of C$10.74 during recent trading.
• Brokerages have upgraded their ratings for Martinrea, with CIBC raising its price target to C$13.00 and TD Securities lifting it to C$14.00, indicating a general bullish sentiment around the stock.
• The company announced a quarterly dividend of $0.05, representing a 1.9% annualized yield, with the ex-dividend date set for September 29th.

Martinrea International Inc. (TSE:MRE - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$8.65 and traded as high as C$10.74. Martinrea International shares last traded at C$10.41, with a volume of 143,202 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MRE. Cibc World Mkts raised shares of Martinrea International from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. TD Securities lifted their price target on shares of Martinrea International from C$13.00 to C$14.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, CIBC raised shares of Martinrea International from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from C$10.50 to C$13.00 in a research note on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of C$12.50.

Martinrea International Stock Performance

The company has a market capitalization of C$757.72 million, a PE ratio of -13.01, a PEG ratio of 0.82 and a beta of 1.89. The company has a current ratio of 1.23, a quick ratio of 0.68 and a debt-to-equity ratio of 80.32. The firm's 50-day simple moving average is C$10.08 and its 200-day simple moving average is C$8.65.

Martinrea International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, September 29th. Martinrea International's payout ratio is -25.00%.

About Martinrea International

Martinrea International Inc is a Canadian producer of steel and aluminium parts and fluid management systems. Its products are used primarily in the automotive sector by the majority of vehicle manufacturers. Martinrea manufactures aluminum engine blocks, specialized products, suspensions, chassis modules and components, and fluid management systems for fuel, power steering and brake fluids.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.