Magna International (NYSE:MGA) PT Lowered to $55.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by Scotiabank from $59.00 to $55.00 in a research note published on Monday, BayStreet.CA reports. They currently have a sector perform rating on the stock.

MGA has been the subject of a number of other reports. StockNews.com upgraded shares of Magna International from a hold rating to a buy rating in a research note on Thursday, May 2nd. Citigroup reduced their price target on shares of Magna International from $60.00 to $57.00 and set a neutral rating for the company in a research report on Monday, February 12th. The Goldman Sachs Group dropped their price objective on shares of Magna International from $56.00 to $48.00 and set a neutral rating on the stock in a report on Monday. Barclays reduced their target price on shares of Magna International from $62.00 to $60.00 and set an equal weight rating for the company in a report on Monday. Finally, Evercore cut shares of Magna International from an outperform rating to an in-line rating and dropped their price target for the stock from $75.00 to $62.00 in a research note on Monday, April 15th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Magna International has an average rating of Hold and a consensus price target of $60.00.

Magna International Trading Up 1.0 %

NYSE:MGA opened at $47.08 on Monday. The company’s 50-day simple moving average is $51.55 and its 200 day simple moving average is $53.84. Magna International has a one year low of $45.75 and a one year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. The firm has a market capitalization of $13.53 billion, a P/E ratio of 13.38, a PEG ratio of 0.47 and a beta of 1.69.

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

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Thursday, May 16th. Magna International’s dividend payout ratio (DPR) is 53.98%.

Hedge Funds Weigh In On Magna International

Hedge funds have recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Magna International by 18.5% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after buying an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC raised its position in Magna International by 9.2% during the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock valued at $1,909,000 after purchasing an additional 2,997 shares during the period. Lorne Steinberg Wealth Management Inc. raised its position in Magna International by 2.2% during the third quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock valued at $3,699,000 after purchasing an additional 1,449 shares during the period. Janney Montgomery Scott LLC raised its position in Magna International by 1.2% during the third quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock valued at $7,751,000 after purchasing an additional 1,737 shares during the period. Finally, Van ECK Associates Corp raised its position in Magna International by 9.6% during the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after purchasing an additional 312 shares during the period. Institutional investors own 67.49% of the company’s stock.

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.