Magellan Aerospace (TSE:MAL) Hits New 1-Year High After Dividend Announcement

Magellan Aerospace Co. (TSE:MAL) shares hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as C$18.34 and last traded at C$18.34, with a volume of 9650 shares traded. The stock had previously closed at C$17.93.

The newly announced dividend which will be paid on Monday, June 30th. Stockholders of record on Monday, June 30th will be given a dividend of $0.05 per share. The ex-dividend date is 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 1.05%. Magellan Aerospace’s payout ratio is currently 28.61%.

Wall Street Analysts Forecast Growth

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

Magellan Aerospace Trading Up 6.0%

The business has a 50-day moving average price of C$15.07 and a 200-day moving average price of C$12.05. The firm has a market capitalization of C$1.05 billion, a P/E ratio of 54.51, a PEG ratio of -21.36 and a beta of 1.11. The company has a quick ratio of 1.55, a current ratio of 2.58 and a debt-to-equity ratio of 11.81.

Magellan Aerospace Company Profile

Magellan Aerospace Corporation, through its subsidiaries, engineers and manufactures aeroengine and aerostructure components for aerospace markets in Canada, the United States, and Europe. The company offers aero engine products, such as laser welded honeycomb and filament wound tubes, frames, compressor components, bypass ducts, hot section components, and aeroengine and helicopter drive shafts, as well as other flight safety critical machined components, including discs, seals, and spacers; and aerostructures comprising landing gear systems, wing ribs, spars and skins, bulkheads and fuselage components, tailcone assemblies, composite wing and fairing structures, horizontal and vertical stabilizers, plug and nozzle, exhaust systems, crown modules, and vane boxes and transition ducts.