Magna International (NYSE:MGA) Given New $59.00 Price Target at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its target price cut by CIBC from $61.00 to $59.00 in a research report report published on Friday, BayStreet.CA reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently issued reports on MGA. 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 report on Monday, February 12th. 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 report on Monday, February 12th. Scotiabank cut their target price on shares of Magna International from $62.00 to $59.00 and set a sector perform rating for the company in a research note on Monday, February 12th. StockNews.com lowered shares of Magna International from a buy rating to a hold rating in a research note on Tuesday. Finally, Raymond James cut their target price on shares of Magna International from $62.00 to $60.00 and set a market perform 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 given a buy rating to the company. According to data from MarketBeat.com, Magna International presently has a consensus rating of Hold and a consensus price target of $62.79.

Magna International Trading Up 1.0 %

Magna International stock opened at $48.35 on Friday. The firm has a 50-day moving average price of $53.22 and a two-hundred day moving average price of $54.24. The firm has a market capitalization 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 has a 52-week low of $46.71 and a 52-week high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

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

Magna International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Magna International’s previous quarterly dividend of $0.46. Magna International’s dividend payout ratio is 45.02%.

Institutional Investors Weigh In On Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. lifted its position in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after buying an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after buying an additional 526 shares in the last quarter. Resources Management Corp CT ADV lifted its position in Magna International by 323.5% in the 2nd quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock worth $48,000 after buying an additional 647 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Magna International in the 1st quarter worth approximately $49,000. Finally, S.A. Mason LLC lifted its position in Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after buying an additional 229 shares in the last quarter. 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.