Magna International (MG) Sets New 52-Week High at $77.41

Magna International (TSE:MG) (NYSE:MGA)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$77.41 and last traded at C$76.25, with a volume of 385331 shares trading hands. The stock had previously closed at C$76.60.

Separately, BMO Capital Markets set a C$61.00 price objective on shares of Magna International and gave the company a “market perform” rating in a research note on Thursday, January 18th.

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Magna International (TSE:MG) (NYSE:MGA) last announced its earnings results on Thursday, February 22nd. The company reported C$1.99 earnings per share for the quarter, topping the consensus estimate of C$1.97 by C$0.02. Magna International had a net margin of 5.28% and a return on equity of 19.24%. The business had revenue of C$13.20 billion during the quarter, compared to the consensus estimate of C$12.50 billion.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Friday, March 9th were paid a dividend of $0.406 per share. This is an increase from Magna International’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $1.62 annualized dividend and a dividend yield of 2.15%.

In other news, insider Sr. James Joseph Tobin sold 10,778 shares of the stock in a transaction dated Monday, March 26th. The shares were sold at an average price of C$55.12, for a total transaction of C$594,083.36. Also, Director Donald James Walker sold 100,000 shares of the stock in a transaction dated Monday, March 19th. The stock was sold at an average price of C$72.12, for a total transaction of C$7,212,000.00. Insiders have sold 262,434 shares of company stock valued at $19,020,862 in the last quarter.

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Magna International Company Profile

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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