Brokerages Set Magna International Inc. (NYSE:MGA) Price Target at $51.75
Magna International Inc. (NYSE:MGA) has been assigned a consensus recommendation of “Buy” from the sixteen brokerages that are currently covering the stock. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $51.75.
A number of equities analysts have recently issued reports on MGA shares. BMO Capital Markets cut Magna International from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $50.00 to $36.00 in a report on Tuesday, June 28th. Macquarie reissued an “outperform” rating on shares of Magna International in a research note on Friday, September 30th. 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. RBC Capital Markets reissued an “outperform” rating and issued a $55.00 target price (up previously from $52.00) on shares of Magna International in a research note on Wednesday, August 10th. Finally, Wells Fargo & Co. reissued a “hold” rating and issued a $41.50 target price on shares of Magna International in a research note on Monday, July 18th.
Shares of Magna International (NYSE:MGA) opened at 43.75 on Monday. The firm has a market cap of $17.02 billion, a PE ratio of 8.36 and a beta of 1.60. Magna International has a 52 week low of $30.41 and a 52 week high of $53.89. The firm has a 50-day moving average price of $40.87 and a 200-day moving average price of $40.05.
Magna International (NYSE:MGA) last posted its quarterly earnings data on Friday, August 5th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.07. Magna International had a return on equity of 21.14% and a net margin of 6.12%. The firm earned $9.44 billion during the quarter, compared to analysts’ expectations of $9.24 billion. During the same period in the prior year, the business earned $1.29 EPS. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. On average, equities research analysts predict that Magna International will post $5.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Wednesday, August 24th. Magna International’s dividend payout ratio is currently 19.16%.
Several hedge funds and other institutional investors have recently made changes to their positions in MGA. Van ECK Associates Corp raised its position in shares of Magna International by 27.1% in the second quarter. Van ECK Associates Corp now owns 3,763 shares of the company’s stock valued at $132,000 after buying an additional 803 shares in the last quarter. IFP Advisors Inc increased its stake in Magna International by 10.9% in the first quarter. IFP Advisors Inc now owns 4,380 shares of the company’s stock valued at $188,000 after buying an additional 431 shares during the last quarter. Park National Corp OH increased its stake in Magna International by 2.9% in the second quarter. Park National Corp OH now owns 7,827 shares of the company’s stock valued at $275,000 after buying an additional 220 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in Magna International by 7.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 7,850 shares of the company’s stock valued at $275,000 after buying an additional 550 shares during the last quarter. Finally, Manitou Investment Management Ltd. bought a new stake in Magna International during the second quarter valued at $302,000. 58.98% of the stock is owned by hedge funds and other institutional investors.
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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