Magna International (NYSE:MGA) Given New $60.00 Price Target at Barclays

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by Barclays from $62.00 to $60.00 in a report released on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts also recently issued reports on MGA. StockNews.com raised shares of Magna International from a hold rating to a buy rating in a research report on Thursday, May 2nd. Citigroup lowered their price objective on Magna International from $60.00 to $57.00 and set a neutral rating for the company in a research note on Monday, February 12th. BMO Capital Markets cut their target price on Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a research report on Monday, February 12th. TD Securities lowered their price target on Magna International from $69.00 to $63.00 and set a buy rating for the company in a research report on Monday, April 22nd. Finally, Raymond James dropped their target price on shares of Magna International from $62.00 to $60.00 and set a market perform rating on the stock in a research report on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Magna International has an average rating of Hold and an average price target of $60.00.

Magna International Trading Up 0.6 %

NYSE MGA opened at $46.85 on Monday. The stock has a market capitalization of $13.46 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.47 and a beta of 1.69. The business has a 50 day simple moving average of $51.87 and a 200 day simple moving average of $53.92. 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 has a one year low of $45.99 and a one year high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business earned $1.11 EPS. Research analysts expect that Magna International will post 6.13 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 annualized dividend and a yield of 4.06%. Magna International’s dividend payout ratio is currently 53.98%.

Hedge Funds Weigh In On Magna International

A number of large investors have recently modified their holdings of the company. Pzena Investment Management LLC increased its holdings in shares of Magna International by 58.2% in the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the period. Toronto Dominion Bank raised its holdings in shares of Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after acquiring an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after acquiring an additional 2,727 shares during the last quarter. QV Investors Inc. lifted its position in Magna International by 1.0% during the first quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after purchasing an additional 6,895 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC increased its holdings in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after buying an additional 53,695 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors.

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.