Magna International (NYSE:MGA) Given New $59.00 Price Target at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its target price trimmed by CIBC from $61.00 to $59.00 in a report released on Friday morning, BayStreet.CA reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts have also commented on MGA. JPMorgan Chase & Co. lowered their price objective on Magna International from $77.00 to $69.00 and set an overweight rating on the stock in a research report on Monday, February 12th. Royal Bank of Canada decreased their target price on Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. UBS Group increased their target price on Magna International from $59.00 to $60.00 and gave the company a neutral rating in a research report on Wednesday, January 17th. TD Securities decreased their target price on Magna International from $73.00 to $69.00 and set a buy rating on the stock in a research report on Monday, February 12th. Finally, Wells Fargo & Company decreased their target price on Magna International from $60.00 to $54.00 and set an equal weight rating on the stock in a research report on Monday, February 12th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $62.50.

Magna International Price Performance

Shares of NYSE:MGA opened at $49.31 on Friday. Magna International has a twelve month low of $46.71 and a twelve month high of $65.27. The company’s 50 day moving average is $53.09 and its 200 day moving average is $54.25. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. The company has a market cap of $14.17 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.13). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business had revenue of $10.45 billion during the quarter, compared to analyst estimates of $10.44 billion. During the same quarter last year, the company posted $0.91 EPS. Magna International’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, sell-side analysts forecast that Magna International will post 6.11 EPS for the current year.

Magna International Increases Dividend

The business also recently announced 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 an increase from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.85%. Magna International’s dividend payout ratio (DPR) is 45.02%.

Institutional Trading of Magna International

Hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors L.P. increased its stake in shares of Magna International by 243.3% in the 3rd quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after acquiring an additional 36,005 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Magna International during the 4th quarter worth about $237,000. Finally, Pzena Investment Management LLC increased its position in shares of Magna International by 58.2% during the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the last quarter. 67.49% of the stock is 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.