Magna International Inc. (MGA) Given “Outperform” Rating at Macquarie
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Magna International from a hold rating to a buy rating and set a $45.00 target price for the company in a research report on Tuesday, August 30th. TD Securities reiterated a buy rating and issued a $47.00 price objective (up from $46.00) on shares of Magna International in a report on Wednesday, August 10th. RBC Capital Markets reiterated an outperform rating and issued a $55.00 price objective (up from $52.00) on shares of Magna International in a report on Wednesday, August 10th. Citigroup Inc. boosted their target price on Magna International from $48.00 to $49.00 and gave the company a buy rating in a research note on Monday, August 8th. Finally, Royal Bank Of Canada boosted their target price on Magna International from $52.00 to $55.00 and gave the company an outperform rating in a research note on Monday, August 8th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $51.75.
Shares of Magna International (NYSE:MGA) traded up 0.02% during mid-day trading on Friday, hitting $42.96. The company had a trading volume of 364,883 shares. The company has a market capitalization of $16.71 billion, a PE ratio of 8.21 and a beta of 1.60. Magna International has a one year low of $30.41 and a one year high of $53.89. The company’s 50-day moving average is $40.67 and its 200 day moving average is $40.05.
Magna International (NYSE:MGA) last issued its earnings results on Friday, August 5th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.07. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.24 billion. Magna International had a return on equity of 21.14% and a net margin of 6.12%. The business’s revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. On average, equities research analysts forecast that Magna International will post $5.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 26th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, August 24th. This represents a $1.00 annualized dividend and a dividend yield of 2.33%. Magna International’s dividend payout ratio (DPR) is presently 19.16%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sentry Investments Corp. raised its position in shares of Magna International by 20.8% in the second quarter. Sentry Investments Corp. now owns 3,823,400 shares of the company’s stock valued at $173,391,000 after buying an additional 658,600 shares during the period. Emerald Acquisition Ltd. acquired a new position in shares of Magna International during the second quarter valued at about $98,800,000. Cornerstone Investment Partners LLC raised its position in shares of Magna International by 4.9% in the second quarter. Cornerstone Investment Partners LLC now owns 2,568,915 shares of the company’s stock valued at $90,092,000 after buying an additional 119,323 shares during the period. James Investment Research Inc. raised its position in shares of Magna International by 5.9% in the second quarter. James Investment Research Inc. now owns 1,523,704 shares of the company’s stock valued at $53,436,000 after buying an additional 84,914 shares during the period. Finally, DNB Asset Management AS raised its position in shares of Magna International by 29.2% in the second quarter. DNB Asset Management AS now owns 1,064,753 shares of the company’s stock valued at $37,341,000 after buying an additional 240,776 shares during the period. Institutional investors and hedge funds own 58.98% of the company’s stock.
About Magna International
Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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