Magna International (NYSE:MGA) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other brokerages have also recently commented on MGA. 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 note on Monday, February 12th. Evercore cut shares of Magna International from an outperform rating to an in-line rating and decreased their target price for the company from $75.00 to $62.00 in a research note on Monday, April 15th. Royal Bank of Canada decreased their target price on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a research note on Monday, February 12th. CIBC decreased their target price on shares of Magna International from $63.00 to $61.00 and set a neutral rating for the company in a research note on Monday, February 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Magna International from $77.00 to $69.00 and set an overweight rating for the company in a research note on Monday, February 12th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Magna International has a consensus rating of Hold and an average target price of $62.79.

Magna International Stock Performance

Shares of NYSE MGA opened at $48.35 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. Magna International has a 12 month low of $46.71 and a 12 month high of $65.27. The company has a 50 day simple moving average of $53.22 and a two-hundred day simple moving average of $54.24. The stock has a market cap of $13.89 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.48 and a beta of 1.69.

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

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.475 per share. This is a positive change from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, February 22nd. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.93%. Magna International’s dividend payout ratio is presently 45.02%.

Institutional Investors Weigh In On Magna International

A number of large investors have recently modified their holdings of the business. Pzena Investment Management LLC grew its holdings in shares of Magna International by 58.2% during the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after buying an additional 3,609,429 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Magna International by 8.7% during the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after buying an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after buying an additional 2,727 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Magna International by 5.6% in the first quarter. Geode Capital Management LLC now owns 905,672 shares of the company’s stock valued at $48,821,000 after purchasing an additional 47,858 shares during the period. Finally, QV Investors Inc. grew its holdings in shares of Magna International by 20.7% in the fourth quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock valued at $39,202,000 after purchasing an additional 113,332 shares during the period. Hedge funds and other institutional investors 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.