Magna International (TSE:MG) Stock Moved Down to “Hold” by Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce downgraded shares of Magna International (TSE:MG) (NYSE:MGA) from a strong-buy rating to a hold rating in a research report report published on Wednesday morning,Zacks reports.

Separately, BMO Capital Markets cut shares of Magna International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy”.

Magna International Trading Down 4.1%

Shares of TSE:MG opened at C$89.51 on Wednesday. The company has a debt-to-equity ratio of 55.07, a current ratio of 1.22 and a quick ratio of 0.83. Magna International has a 1 year low of C$62.46 and a 1 year high of C$101.10. The company has a market cap of C$23.95 billion, a P/E ratio of 32.91, a PEG ratio of 0.45 and a beta of 2.02. The stock’s fifty day moving average price is C$92.32 and its 200-day moving average price is C$90.45.

Magna International (TSE:MG) (NYSE:MGA) last released its quarterly earnings data on Friday, July 31st. The company reported C$2.64 EPS for the quarter. Magna International had a return on equity of 6.15% and a net margin of 1.77%. The company had revenue of C$15.60 billion during the quarter. Sell-side analysts expect that Magna International will post 8.89 earnings per share for the current year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 28th were paid a dividend of $0.4950 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, August 14th. Magna International’s payout ratio is currently 72.06%.

Insider Activity at Magna International

In other news, insider Bruce Cluney sold 5,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of C$95.22, for a total transaction of C$476,100.00. Following the completion of the sale, the insider owned 40,239 shares of the company’s stock, valued at C$3,831,557.58. This represents a 11.05% decrease in their position. 6.18% of the stock is owned by insiders.

About Magna International

Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets-North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety and quality.