Magna International (NYSE:MGA) Given New $48.00 Price Target at The Goldman Sachs Group

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by The Goldman Sachs Group from $56.00 to $48.00 in a research report report published on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also issued reports on MGA. JPMorgan Chase & Co. increased their target price on Magna International from $69.00 to $71.00 and gave the company an overweight rating in a report on Monday, April 22nd. Citigroup lowered their target price on Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a research note on Monday, February 12th. Royal Bank of Canada reduced their price target on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a research report on Monday, February 12th. CIBC lowered their price objective on shares of Magna International from $61.00 to $59.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, TD Securities dropped their price target on shares of Magna International from $69.00 to $63.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Magna International presently has an average rating of Hold and an average target price of $60.00.

Magna International Price Performance

NYSE:MGA opened at $46.85 on Monday. Magna International has a 52-week low of $45.99 and a 52-week high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The firm has a market cap of $13.46 billion, a P/E ratio of 13.23, a PEG ratio of 0.47 and a beta of 1.69. The business’s 50-day moving average price is $51.87 and its 200 day moving average price is $53.92.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.11 EPS. As a group, sell-side analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Thursday, May 16th. Magna International’s dividend payout ratio (DPR) is currently 53.98%.

Institutional Trading of Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of MGA. SG Americas Securities LLC lifted its position in Magna International by 22.2% in the first quarter. SG Americas Securities LLC now owns 36,170 shares of the company’s stock worth $1,971,000 after purchasing an additional 6,581 shares during the period. Quantbot Technologies LP acquired a new position in shares of Magna International in the 1st quarter worth approximately $1,009,000. Lorne Steinberg Wealth Management Inc. raised its position in Magna International by 3.2% in the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 73,662 shares of the company’s stock valued at $4,014,000 after purchasing an additional 2,304 shares during the last quarter. Tobam raised its holdings in shares of Magna International by 208.1% in the first quarter. Tobam now owns 4,079 shares of the company’s stock valued at $222,000 after buying an additional 2,755 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Magna International by 5.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after acquiring an additional 8,680 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

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.