Magna International, Inc. (MGA) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research note published on Thursday morning. The brokerage currently has $55.00 price target on the stock.
According to Zacks, “Zacks Consensus Estimate for Magna International for the third quarter earnings have been going up of late. The company is well positioned to benefit from its leading position in the industry as well as its operational efficiency and diverse product portfolio. Moreover, its expansion strategies in emerging markets and focus on innovation for strong growth are expected to have a positive impact on its financials. Further, Magna International expects notable growth opportunities of its business through acquisitions and collaborations. The company also undertakes regular capital deployments in order to enhance shareholder value.”
Several other equities research analysts have also recently weighed in on the company. ValuEngine cut Magna International from a strong-buy rating to a buy rating in a research report on Friday, September 1st. Morgan Stanley cut shares of Magna International from an overweight rating to an equal weight rating and decreased their price objective for the stock from $56.00 to $47.00 in a research report on Monday, August 28th. Citigroup Inc. upped their price objective on shares of Magna International from $54.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, August 17th. TD Securities upped their price objective on shares of Magna International from $55.00 to $56.00 and gave the stock a buy rating in a research report on Monday, August 14th. Finally, Deutsche Bank AG restated a buy rating and issued a $61.00 price objective (up from $59.00) on shares of Magna International in a research report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $52.90.
Magna International (MGA) opened at 51.91 on Thursday. The company’s 50-day moving average is $47.75 and its 200-day moving average is $45.00. The company has a market capitalization of $19.20 billion, a price-to-earnings ratio of 9.38 and a beta of 1.43. Magna International has a 52-week low of $36.77 and a 52-week high of $51.98.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.01. Magna International had a return on equity of 20.01% and a net margin of 5.73%. The firm had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. On average, analysts expect that Magna International will post $5.89 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, August 30th. Magna International’s dividend payout ratio (DPR) is presently 19.86%.
Several large investors have recently added to or reduced their stakes in the company. Tocqueville Asset Management L.P. boosted its stake in shares of Magna International by 0.8% during the second quarter. Tocqueville Asset Management L.P. now owns 8,168 shares of the company’s stock valued at $378,000 after purchasing an additional 68 shares during the period. Laurel Wealth Advisors Inc. boosted its stake in shares of Magna International by 5.1% during the second quarter. Laurel Wealth Advisors Inc. now owns 5,361 shares of the company’s stock valued at $248,000 after purchasing an additional 261 shares during the period. Van ECK Associates Corp boosted its stake in shares of Magna International by 5.9% during the first quarter. Van ECK Associates Corp now owns 5,616 shares of the company’s stock valued at $242,000 after purchasing an additional 315 shares during the period. SRS Capital Advisors Inc. boosted its stake in shares of Magna International by 16.4% during the first quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock valued at $139,000 after purchasing an additional 456 shares during the period. Finally, Advisory Services Network LLC boosted its stake in shares of Magna International by 17.2% during the second quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock valued at $197,000 after purchasing an additional 625 shares during the period. 59.46% of the stock is owned by hedge funds and other institutional investors.
Magna International Company Profile
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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