Magellan Aerospace (TSE:MAL) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Magellan Aerospace Co. (TSE:MAL) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$24.26 and traded as high as C$34.23. Magellan Aerospace shares last traded at C$34.16, with a volume of 82,044 shares.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MAL shares. TD lifted their price objective on Magellan Aerospace from C$30.00 to C$37.00 and gave the company a “buy” rating in a research report on Monday, June 8th. ATB Cormark Capital Markets upped their target price on Magellan Aerospace from C$31.00 to C$46.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Finally, TD Securities increased their target price on Magellan Aerospace from C$24.00 to C$25.00 and gave the stock a “buy” rating in a research report on Tuesday, March 31st. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of C$36.00.

Magellan Aerospace Trading Up 3.1%

The stock has a 50-day moving average of C$29.15 and a two-hundred day moving average of C$24.26. The company has a market cap of C$1.95 billion, a P/E ratio of 43.24, a price-to-earnings-growth ratio of -21.36 and a beta of 1.01. The company has a debt-to-equity ratio of 11.46, a quick ratio of 1.55 and a current ratio of 2.51.

Magellan Aerospace (TSE:MAL) last released its earnings results on Monday, May 11th. The company reported C$0.29 EPS for the quarter. Magellan Aerospace had a return on equity of 5.48% and a net margin of 4.22%.The business had revenue of C$285.10 million for the quarter. On average, equities research analysts predict that Magellan Aerospace Co. will post 0.9692308 earnings per share for the current year.

Magellan Aerospace Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Tuesday, June 16th. Magellan Aerospace’s payout ratio is currently 25.32%.

Magellan Aerospace Company Profile

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.