Magna International (NYSE:MGA) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research note published on Thursday morning.

A number of other analysts also recently issued reports on MGA. The Goldman Sachs Group downgraded Magna International from a buy rating to a neutral rating and decreased their price target for the stock from $73.00 to $58.00 in a report on Wednesday, January 3rd. Scotiabank lowered their price target on Magna International from $62.00 to $59.00 and set a sector perform rating for the company in a report on Monday, February 12th. JPMorgan Chase & Co. raised their price objective on shares of Magna International from $69.00 to $71.00 and gave the stock an overweight rating in a report on Monday, April 22nd. TD Securities reduced their price objective on shares of Magna International from $69.00 to $63.00 and set a buy rating for the company in a research report on Monday, April 22nd. Finally, CIBC dropped their target price 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. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $62.50.

Magna International Stock Down 3.6 %

MGA stock opened at $46.70 on Thursday. The company’s 50 day moving average price is $52.00 and its 200 day moving average price is $53.95. The firm has a market capitalization of $13.42 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 0.47 and a beta of 1.69. Magna International has a fifty-two week low of $46.11 and a fifty-two week high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 earnings per share. On average, equities research analysts anticipate that Magna International will post 6.13 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.07%. Magna International’s payout ratio is 53.98%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MGA. Lorne Steinberg Wealth Management Inc. boosted its holdings 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 in the last quarter. Tobam lifted its holdings in shares of Magna International by 208.1% in the 1st 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 period. Janney Montgomery Scott LLC boosted its stake in shares of Magna International by 5.8% in the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after buying an additional 8,680 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Magna International by 202.7% during the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after acquiring an additional 17,611 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Magna International by 13.0% in the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after acquiring an additional 350 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

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.