Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by Royal Bank of Canada from $76.00 to $74.00 in a research note published on Thursday. Royal Bank of Canada currently has an outperform rating on the stock.
A number of other analysts have also issued reports on MGA. TD Securities raised their price target on Magna International from $65.00 to $69.00 and gave the stock a hold rating in a research note on Friday, May 11th. Scotiabank decreased their price target on Magna International from $82.00 to $80.00 and set an outperform rating on the stock in a research note on Friday, May 11th. BMO Capital Markets raised Magna International from a market perform rating to an outperform rating in a research note on Monday, May 14th. Evercore ISI initiated coverage on Magna International in a research note on Monday, May 14th. They issued an outperform rating and a $80.00 price target on the stock. Finally, Zacks Investment Research raised Magna International from a hold rating to a buy rating and set a $73.00 price target on the stock in a research note on Wednesday, May 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Magna International has a consensus rating of Buy and a consensus price target of $66.13.
NYSE:MGA traded down $0.82 during mid-day trading on Thursday, reaching $53.05. The company’s stock had a trading volume of 1,699,633 shares, compared to its average volume of 1,412,556. The company has a current ratio of 1.17, a quick ratio of 0.89 and a debt-to-equity ratio of 0.27. Magna International has a twelve month low of $45.37 and a twelve month high of $67.47. The firm has a market cap of $18.67 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.91 and a beta of 1.38.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 31st will be paid a $0.33 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.26. This represents a $1.32 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Thursday, August 30th. Magna International’s payout ratio is currently 22.15%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Horizon Investment Services LLC lifted its stake in shares of Magna International by 69.1% in the 1st quarter. Horizon Investment Services LLC now owns 78,334 shares of the company’s stock valued at $4,414,000 after purchasing an additional 32,004 shares in the last quarter. Sentry Investments Corp. lifted its stake in shares of Magna International by 7.0% in the 1st quarter. Sentry Investments Corp. now owns 2,554,300 shares of the company’s stock valued at $185,366,000 after purchasing an additional 166,400 shares in the last quarter. Teza Capital Management LLC acquired a new position in shares of Magna International in the 1st quarter valued at about $403,000. Private Advisor Group LLC acquired a new position in Magna International during the 1st quarter worth approximately $599,000. Finally, Manning & Napier Group LLC lifted its position in Magna International by 4.8% during the 1st quarter. Manning & Napier Group LLC now owns 51,284 shares of the company’s stock worth $2,889,000 after acquiring an additional 2,358 shares in the last quarter. 60.63% of the stock is currently owned by institutional investors and hedge funds.
About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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