Magellan Aerospace (TSE:MAL) Hits New 52-Week High – Here’s Why

Magellan Aerospace Co. (TSE:MAL) shares hit a new 52-week high during trading on Tuesday . The company traded as high as C$17.95 and last traded at C$17.95, with a volume of 18528 shares changing hands. The stock had previously closed at C$17.41.

Wall Street Analyst Weigh In

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

Magellan Aerospace Stock Up 3.2%

The company has a market capitalization of C$993.63 million, a PE ratio of 51.39, a P/E/G ratio of -21.36 and a beta of 1.11. The stock’s fifty day moving average is C$14.42 and its two-hundred day moving average is C$11.79. The company has a current ratio of 2.58, a quick ratio of 1.55 and a debt-to-equity ratio of 11.81.

Magellan Aerospace Increases Dividend

The business also recently announced a quarterly 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. This is an increase 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 1.11%. The ex-dividend date is Monday, June 16th. Magellan Aerospace’s dividend payout ratio is currently 28.61%.

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.