CIBC lowered shares of Magna International (NYSE:MGA) (TSE:MG) from a sector outperform rating to a neutral rating in a research report report published on Monday, Briefing.com Automated Import reports.
MGA has been the subject of several other research reports. BMO Capital Markets downgraded Magna International from an outperform rating to a market perform rating and decreased their target price for the company from $64.00 to $55.00 in a research note on Thursday, March 21st. TD Securities decreased their target price on Magna International from $60.00 to $59.00 and set a buy rating for the company in a research note on Wednesday, January 16th. ValuEngine downgraded Magna International from a hold rating to a sell rating in a research note on Friday, March 15th. Wells Fargo & Co restated a buy rating and set a $63.00 target price (up previously from $62.00) on shares of Magna International in a research note on Friday, February 22nd. Finally, Zacks Investment Research upgraded Magna International from a hold rating to a buy rating and set a $56.00 target price for the company in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. Magna International has a consensus rating of Buy and an average target price of $64.09.
Shares of NYSE:MGA opened at $56.64 on Monday. Magna International has a twelve month low of $42.88 and a twelve month high of $67.47. The company has a market cap of $18.11 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 1.30 and a beta of 1.40. The company has a quick ratio of 0.82, a current ratio of 1.15 and a debt-to-equity ratio of 0.28.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 22nd. The company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. Magna International had a return on equity of 20.00% and a net margin of 5.62%. The firm had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities research analysts forecast that Magna International will post 6.93 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a $0.365 dividend. This is a boost from Magna International’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, March 7th. This represents a $1.46 annualized dividend and a yield of 2.58%. Magna International’s dividend payout ratio is 21.76%.
A number of institutional investors have recently bought and sold shares of the business. CLARET ASSET MANAGEMENT Corp raised its holdings in Magna International by 3.0% in the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 8,573 shares of the company’s stock valued at $390,000 after acquiring an additional 247 shares in the last quarter. Comerica Bank raised its holdings in Magna International by 2.1% in the 4th quarter. Comerica Bank now owns 21,642 shares of the company’s stock valued at $1,124,000 after acquiring an additional 440 shares in the last quarter. Cigna Investments Inc. New raised its holdings in Magna International by 11.2% in the 4th quarter. Cigna Investments Inc. New now owns 4,498 shares of the company’s stock valued at $204,000 after acquiring an additional 452 shares in the last quarter. Tocqueville Asset Management L.P. raised its holdings in Magna International by 8.9% in the 4th quarter. Tocqueville Asset Management L.P. now owns 5,738 shares of the company’s stock valued at $261,000 after acquiring an additional 469 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Magna International by 50.5% in the 4th quarter. Parallel Advisors LLC now owns 1,461 shares of the company’s stock valued at $66,000 after acquiring an additional 490 shares in the last quarter. 60.04% of the stock is owned by hedge funds and other institutional investors.
About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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