Magna International (NYSE:MGA) (TSE:MG) had its target price raised by Citigroup from $61.00 to $67.00 in a report published on Friday, March 9th. The brokerage currently has a buy rating on the stock.
Several other equities analysts also recently weighed in on MGA. Macquarie restated an outperform rating and set a $72.00 price target (up from $59.00) on shares of Magna International in a report on Tuesday, January 9th. Royal Bank of Canada lifted their price objective on Magna International from $68.00 to $70.00 and gave the stock an outperform rating in a report on Wednesday, January 17th. Wells Fargo upgraded Magna International from a market perform rating to an outperform rating in a research note on Friday, January 12th. TD Securities downgraded Magna International from a buy rating to a hold rating and boosted their price target for the company from $62.00 to $65.00 in a research note on Friday, January 19th. Finally, Deutsche Bank lifted their price objective on Magna International from $61.00 to $68.00 and gave the company a buy rating in a research report on Friday, February 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $63.29.
Shares of MGA stock traded down $2.12 during trading on Friday, hitting $54.23. The company had a trading volume of 1,792,696 shares, compared to its average volume of 1,381,542. Magna International has a 52 week low of $39.50 and a 52 week high of $59.99. The company has a current ratio of 1.22, a quick ratio of 0.86 and a debt-to-equity ratio of 0.27. The stock has a market cap of $20,179.28, a price-to-earnings ratio of 9.10, a price-to-earnings-growth ratio of 0.99 and a beta of 1.34.
Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, February 22nd. The company reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.01). The company had revenue of $10.39 billion for the quarter, compared to analysts’ expectations of $10.11 billion. Magna International had a net margin of 5.66% and a return on equity of 19.61%. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the company posted $1.31 EPS. sell-side analysts forecast that Magna International will post 6.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 23rd. Investors of record on Friday, March 9th were paid a dividend of $0.33 per share. This is a boost from Magna International’s previous quarterly dividend of $0.28. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, March 8th. Magna International’s dividend payout ratio is 22.15%.
A number of institutional investors have recently added to or reduced their stakes in MGA. FDx Advisors Inc. purchased a new stake in Magna International in the third quarter valued at about $614,000. Jarislowsky Fraser Ltd acquired a new position in shares of Magna International in the third quarter valued at about $382,000. Todd Asset Management LLC increased its holdings in shares of Magna International by 53.0% in the third quarter. Todd Asset Management LLC now owns 319,941 shares of the company’s stock valued at $17,079,000 after purchasing an additional 110,835 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Magna International by 1.2% in the third quarter. Bank of New York Mellon Corp now owns 515,565 shares of the company’s stock valued at $27,521,000 after purchasing an additional 5,999 shares during the period. Finally, Mascoma Wealth Management LLC grew its holdings in Magna International by 53.5% during the third quarter. Mascoma Wealth Management LLC now owns 8,901 shares of the company’s stock worth $475,000 after acquiring an additional 3,101 shares during the period. Institutional investors own 59.97% of the company’s stock.
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About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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