Magna International Inc. (NYSE:MGA) Receives $63.86 Consensus Target Price from Brokerages

Shares of Magna International Inc. (NYSE:MGA) (TSE:MG) have been given a consensus rating of “Hold” by the fifteen ratings firms that are currently covering the stock, Marketbeat reports. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $62.79.

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Magna International from $77.00 to $69.00 and set an “overweight” rating for the company in a research report on Monday, February 12th. The Goldman Sachs Group lowered Magna International from a “buy” rating to a “neutral” rating and dropped their price target for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. Raymond James lowered their price objective on Magna International from $62.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. CIBC lowered their price objective on Magna International from $61.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Scotiabank lowered their price objective on Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a research report on Monday, February 12th.

Magna International Stock Performance

NYSE MGA opened at $48.34 on Monday. The stock has a 50-day moving average of $53.22 and a 200 day moving average of $54.27. Magna International has a twelve month low of $46.71 and a twelve month high of $65.27. The stock has a market capitalization of $13.89 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.49 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same period in the previous year, the company earned $0.91 EPS. Magna International’s revenue was up 9.3% compared to the same quarter last year. Sell-side analysts anticipate that Magna International will post 6.11 EPS for the current fiscal year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.475 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is a boost from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a yield of 3.93%. Magna International’s dividend payout ratio (DPR) is currently 45.02%.

Institutional Trading of Magna International

Hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new stake in Magna International in the third quarter valued at $26,000. Sunbelt Securities Inc. grew its holdings in shares of Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after purchasing an additional 526 shares during the last quarter. Resources Management Corp CT ADV grew its holdings in shares of Magna International by 323.5% during the second quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock worth $48,000 after purchasing an additional 647 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Magna International during the first quarter worth about $49,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.