Evercore Downgrades Magna International (NYSE:MGA) to In-Line

Evercore cut shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to an in-line rating in a research report report published on Monday, BayStreet.CA reports. The firm currently has $62.00 price target on the stock, down from their prior price target of $75.00.

Several other analysts have also commented on the stock. The Goldman Sachs Group lowered shares of Magna International from a buy rating to a neutral rating and decreased their price target for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. JPMorgan Chase & Co. decreased their price target on shares of Magna International from $77.00 to $69.00 and set an overweight rating for the company in a research report on Monday, February 12th. UBS Group increased their price objective on shares of Magna International from $59.00 to $60.00 and gave the company a neutral rating in a research report on Wednesday, January 17th. BMO Capital Markets decreased their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating for the company in a research report on Monday, February 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research report on Monday, February 12th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $62.93.

Magna International Stock Down 1.9 %

Shares of Magna International stock opened at $47.84 on Monday. The stock has a market cap of $13.74 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 0.50 and a beta of 1.69. The firm’s 50-day moving average is $53.56 and its two-hundred day moving average is $54.32. Magna International has a 1 year low of $46.71 and a 1 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.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.13). The firm had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. As a group, research analysts expect that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.475 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a yield of 3.97%. Magna International’s dividend payout ratio (DPR) is currently 45.02%.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently bought and sold shares of MGA. Thomas White International Ltd. grew its stake in shares of Magna International by 8.6% during the 1st quarter. Thomas White International Ltd. now owns 13,142 shares of the company’s stock worth $845,000 after purchasing an additional 1,043 shares during the period. Achmea Investment Management B.V. purchased a new position in Magna International in the 1st quarter valued at $2,036,000. Power Corp of Canada purchased a new position in Magna International in the 1st quarter valued at $574,000. BNP Paribas Arbitrage SA lifted its holdings in Magna International by 549.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 26,177 shares of the company’s stock valued at $1,683,000 after purchasing an additional 22,147 shares in the last quarter. Finally, BNP Paribas Arbitrage SNC lifted its holdings in Magna International by 272.2% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 72,430 shares of the company’s stock valued at $3,435,000 after purchasing an additional 52,971 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.