Martinrea International (TSE:MRE) Shares Up 3.2% Following Dividend Announcement

Martinrea International Inc. (TSE:MRE)’s stock price rose 3.2% during trading on Wednesday following a dividend announcement from the company. The company traded as high as C$8.69 and last traded at C$8.58. Approximately 111,611 shares traded hands during trading, a decline of 20% from the average daily volume of 139,699 shares. The stock had previously closed at C$8.31.

The newly announced dividend which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.1%. Martinrea International’s dividend payout ratio is currently 14.90%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MRE. TD Securities raised their target price on shares of Martinrea International from C$13.00 to C$14.00 and gave the company a “buy” rating in a research report on Wednesday. CIBC lifted their price target on shares of Martinrea International from C$10.00 to C$10.50 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Raymond James Financial cut their price target on shares of Martinrea International from C$14.00 to C$12.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Martinrea International has an average rating of “Hold” and a consensus target price of C$11.88.

Martinrea International Price Performance

The business’s 50 day moving average is C$8.55 and its two-hundred day moving average is C$8.02. The firm has a market cap of C$706.16 million, a P/E ratio of 7.08, a P/E/G ratio of 0.82 and a beta of 2.08. The company has a quick ratio of 0.68, a current ratio of 1.23 and a debt-to-equity ratio of 80.32.

Insiders Place Their Bets

In other news, Senior Officer Peter Cirulis bought 4,568 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was acquired at an average price of C$7.99 per share, with a total value of C$36,485.07. 11.31% of the stock is owned by corporate insiders.

Martinrea International Company Profile

Martinrea International Inc is a Canadian producer of steel and aluminium parts and fluid management systems. Its products are used primarily in the automotive sector by the majority of vehicle manufacturers. Martinrea manufactures aluminum engine blocks, specialized products, suspensions, chassis modules and components, and fluid management systems for fuel, power steering and brake fluids.