Magna International (NYSE:MGA) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research report report published on Thursday.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company reduced their target price 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. CIBC decreased their target price on shares of Magna International from $61.00 to $59.00 and set a neutral rating for the company in a research report on Friday, April 19th. The Goldman Sachs Group lowered shares of Magna International from a buy rating to a neutral rating and cut their price target for the stock from $73.00 to $58.00 in a report on Wednesday, January 3rd. Raymond James decreased their price objective on Magna International from $62.00 to $60.00 and set a market perform rating for the company in a report on Monday, February 12th. Finally, JPMorgan Chase & Co. boosted their target price on Magna International from $69.00 to $71.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Magna International currently has an average rating of Hold and a consensus target price of $62.50.

Magna International Price Performance

Shares of MGA opened at $46.71 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The company has a 50 day moving average price of $52.00 and a 200-day moving average price of $53.92. Magna International has a fifty-two week low of $46.11 and a fifty-two week high of $65.27. The stock has a market capitalization of $13.42 billion, a PE ratio of 11.07, a PEG ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same period last year, the firm earned $1.11 EPS. The business’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Thursday, May 16th. Magna International’s dividend payout ratio is presently 45.02%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. raised its position in Magna International by 18.5% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock valued at $50,921,000 after acquiring an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC grew its stake in shares of Magna International by 9.2% during the 3rd quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock worth $1,909,000 after purchasing an additional 2,997 shares during the period. Lorne Steinberg Wealth Management Inc. increased its holdings in shares of Magna International by 2.2% during the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock valued at $3,699,000 after purchasing an additional 1,449 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Magna International by 1.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock valued at $7,751,000 after purchasing an additional 1,737 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Magna International by 9.6% during the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after buying an additional 312 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.