Magellan Aerospace (TSE:MAL) Stock Price Up 15% – Here’s What Happened

Shares of Magellan Aerospace Co. (TSE:MAL) shot up 15% during trading on Wednesday. The stock traded as high as C$39.41 and last traded at C$39.36. 183,770 shares changed hands during mid-day trading, an increase of 230% from the average daily volume of 55,683 shares. The stock had previously closed at C$34.22.

Wall Street Analysts Forecast Growth

Separately, TD raised their price objective on shares of Magellan Aerospace from C$37.00 to C$45.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of C$38.67.

Magellan Aerospace Price Performance

The company has a market capitalization of C$2.23 billion, a price-to-earnings ratio of 37.19, a PEG ratio of -21.36 and a beta of 0.96. The company has a current ratio of 2.52, a quick ratio of 1.55 and a debt-to-equity ratio of 11.18. The company’s 50 day simple moving average is C$33.07 and its 200-day simple moving average is C$29.54.

Magellan Aerospace (TSE:MAL) last posted its quarterly earnings data on Wednesday, August 12th. The company reported C$0.35 earnings per share for the quarter. The business had revenue of C$305.58 million during the quarter. Magellan Aerospace had a net margin of 5.30% and a return on equity of 7.11%. On average, equities research analysts predict that Magellan Aerospace Co. will post 0.97 earnings per share for the current fiscal year.

Magellan Aerospace Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 15th. 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.