Magna International Inc. (mga) to Issue Quarterly Dividend of $0.25 on December 9th
Magna International Inc. (NYSE:mga) (TSE:MG) announced a quarterly dividend on Friday, November 4th. Shareholders of record on Friday, November 25th will be paid a dividend of 0.25 per share on Friday, December 9th. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, November 22nd.
Shares of Magna International (NYSE:MGA) opened at 40.61 on Monday. Magna International has a 12 month low of $30.41 and a 12 month high of $46.42. The firm has a 50-day moving average price of $41.08 and a 200-day moving average price of $39.86. The company has a market capitalization of $15.61 billion, a PE ratio of 7.98 and a beta of 1.64.
Magna International (NYSE:MGA) last issued its earnings results on Thursday, November 3rd. The company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.09. Magna International had a return on equity of 20.72% and a net margin of 5.67%. The company earned $8.85 billion during the quarter, compared to the consensus estimate of $8.57 billion. During the same period in the previous year, the company posted $1.13 EPS. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities research analysts predict that Magna International will post $5.26 EPS for the current year.
Several research analysts have recently commented on MGA shares. Bank of America Corp. downgraded Magna International from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $54.00 to $36.00 in a research note on Wednesday, November 9th. Macquarie cut Magna International from an “outperform” rating to a “neutral” rating in a report on Wednesday, November 9th. Citigroup Inc. lifted their price target on Magna International from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, August 8th. TD Securities reissued a “buy” rating and set a $47.00 price target on shares of Magna International in a report on Saturday, October 29th. Finally, BMO Capital Markets reissued a “hold” rating on shares of Magna International in a report on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Magna International has an average rating of “Buy” and a consensus price target of $49.82.
Several institutional investors have recently bought and sold shares of MGA. Van ECK Associates Corp boosted its position in Magna International by 27.1% in the second quarter. Van ECK Associates Corp now owns 3,763 shares of the company’s stock worth $132,000 after buying an additional 803 shares during the period. Cantab Capital Partners LLP raised its stake in shares of Magna International by 121.2% in the second quarter. Cantab Capital Partners LLP now owns 14,496 shares of the company’s stock worth $508,000 after buying an additional 7,942 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Magna International by 99.5% in the second quarter. Janney Montgomery Scott LLC now owns 22,156 shares of the company’s stock worth $778,000 after buying an additional 11,050 shares in the last quarter. LPL Financial LLC raised its stake in shares of Magna International by 61.7% in the third quarter. LPL Financial LLC now owns 22,218 shares of the company’s stock worth $951,000 after buying an additional 8,479 shares in the last quarter. Finally, Boston Financial Mangement LLC purchased a new stake in shares of Magna International during the second quarter worth $2,845,000. 59.62% of the stock is owned by 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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