Brokerages Set Magna International Inc. (NYSE:MGA) PT at $62.17

Posted by Amy Steele on Mar 19th, 2023

Magna International Inc. (NYSE:MGA – Get Rating) (TSE:MG) has been assigned an average rating of “Hold” from the sixteen ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $62.17.

Several brokerages have recently commented on MGA. Citigroup reduced their target price on shares of Magna International from $66.00 to $53.00 and set a “neutral” rating on the stock in a research note on Monday, February 13th. BMO Capital Markets reduced their target price on shares of Magna International from C$74.00 to C$65.00 and set an “outperform” rating on the stock in a research note on Monday, February 13th. TD Securities boosted their target price on shares of Magna International from $59.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, February 13th. Royal Bank of Canada reduced their price target on shares of Magna International from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 14th. Finally, Barclays initiated coverage on shares of Magna International in a research report on Tuesday, February 14th. They set an “equal weight” rating and a $60.00 price target on the stock.

Magna International Trading Down 2.5 %

Shares of Magna International stock opened at $50.18 on Friday. The firm has a market capitalization of $14.36 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 0.53 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 0.76. The company’s fifty day moving average price is $59.17 and its two-hundred day moving average price is $57.06. Magna International has a 52-week low of $45.58 and a 52-week high of $68.92.

Magna International (NYSE:MGA – Get Rating) (TSE:MG) last announced its quarterly earnings results on Friday, February 10th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.33). The business had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.51 billion. Magna International had a net margin of 1.56% and a return on equity of 10.49%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period last year, the firm earned $1.30 EPS. On average, analysts expect that Magna International will post 4.81 EPS for the current year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 24th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, February 23rd. This is an increase from Magna International’s previous quarterly dividend of $0.45. This represents a $1.84 dividend on an annualized basis and a yield of 3.67%. Magna International’s dividend payout ratio is presently 91.54%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Grayhawk Investment Strategies Inc. acquired a new position in Magna International during the 2nd quarter valued at about $30,000. Hollencrest Capital Management bought a new stake in shares of Magna International in the 4th quarter valued at about $43,000. Parallel Advisors LLC increased its stake in shares of Magna International by 85.4% in the 4th quarter. Parallel Advisors LLC now owns 1,331 shares of the company’s stock valued at $75,000 after acquiring an additional 613 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Magna International by 3,219.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,560 shares of the company’s stock valued at $88,000 after acquiring an additional 1,513 shares during the last quarter. Finally, Westside Investment Management Inc. bought a new stake in shares of Magna International in the 4th quarter valued at about $106,000. 59.63% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

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Magna International, Inc is a mobility technology company, which engages in the design, engineering, and manufacturing of automotive supplies. It operates through the following segments: Body Exteriors and Structures, Power and Vision, Seating Systems, and Complete Vehicles. The Body Exteriors and Structures segment includes body and chassis systems, exterior systems, and roof systems operations.