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

Key Points

• Magellan Aerospace shares broke above their 200-day moving average, reaching C$33.62 and closing at C$33.47, up 2.2% during trading.
• Analysts remain bullish: TD and ATB Cormark raised their price targets to C$45 and C$46, respectively; the stock has a consensus “Buy” rating and an average target of C$38.67.
• The company reported quarterly EPS of C$0.35 on revenue of C$305.58 million and declared a quarterly dividend of C$0.05, equivalent to a 0.6% annualized yield.

Magellan Aerospace Co. (TSE:MAL - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$29.04 and traded as high as C$33.62. Magellan Aerospace shares last traded at C$33.47, with a volume of 94,196 shares changing hands.

Analysts Set New Price Targets

Several brokerages have issued reports on MAL. TD increased their price target on Magellan Aerospace from C$37.00 to C$45.00 and gave the stock a "buy" rating in a report on Friday, August 14th. ATB Cormark Capital Markets lifted their price objective on Magellan Aerospace from C$31.00 to C$46.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of C$38.67.

Magellan Aerospace Trading Up 2.2%

The stock has a market cap of C$1.91 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of -21.36 and a beta of 1.06. The business has a 50-day simple moving average of C$35.05 and a two-hundred day simple moving average of C$29.04. The company has a debt-to-equity ratio of 11.18, a quick ratio of 1.55 and a current ratio of 2.52.

Magellan Aerospace (TSE:MAL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported C$0.35 earnings per share (EPS) for the quarter. The company had revenue of C$305.58 million for the quarter. Magellan Aerospace had a net margin of 5.30% and a return on equity of 7.11%. As a group, research analysts forecast that Magellan Aerospace Co. will post 0.9692308 EPS for the current year.

Magellan Aerospace Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date was Tuesday, June 16th. Magellan Aerospace's payout ratio is presently 19.05%.

About Magellan Aerospace

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.

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