Magna International (NYSE:MGA) Given New $59.00 Price Target at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by CIBC from $61.00 to $59.00 in a report published on Friday, BayStreet.CA reports. The firm currently has a neutral rating on the stock.

A number of other analysts also recently weighed in on the company. The Goldman Sachs Group downgraded Magna International from a buy rating to a neutral rating and decreased their price objective for the company from $73.00 to $58.00 in a report on Wednesday, January 3rd. JPMorgan Chase & Co. decreased their price objective on Magna International from $77.00 to $69.00 and set an overweight rating for the company in a report on Monday, February 12th. TD Securities decreased their price objective on Magna International from $73.00 to $69.00 and set a buy rating for the company in a report on Monday, February 12th. Citigroup decreased their price objective on Magna International from $60.00 to $57.00 and set a neutral rating for the company in a report on Monday, February 12th. Finally, Royal Bank of Canada decreased their price objective on Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a report on Monday, February 12th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Magna International currently has an average rating of Hold and an average price target of $62.50.

Magna International Stock Up 2.0 %

Shares of MGA opened at $49.31 on Friday. Magna International has a 52 week low of $46.71 and a 52 week high of $65.27. The stock has a market capitalization of $14.17 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.49 and a beta of 1.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The stock has a fifty day moving average of $53.09 and a 200-day moving average of $54.25.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.44 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.475 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a dividend yield of 3.85%. Magna International’s dividend payout ratio (DPR) is currently 45.02%.

Institutional Trading of Magna International

Large investors have recently made changes to their positions in the company. Sunbelt Securities Inc. lifted its position in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after acquiring an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in Magna International in the 1st quarter valued at about $49,000. S.A. Mason LLC lifted its position in Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after acquiring an additional 229 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in Magna International by 50.8% in the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after acquiring an additional 879 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.