Magna International (NYSE:MGA) Stock Gets Price Target Cut from Citigroup

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by Citigroup from $75.00 to $69.00 in a report published on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lifted their price objective on shares of Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. Scotiabank raised their target price on shares of Magna International from $74.00 to $78.00 and gave the stock a “sector outperform” rating in a report on Monday, August 3rd. BMO Capital Markets downgraded Magna International from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $76.00 to $70.00 in a report on Friday, September 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Magna International in a report on Tuesday, October 27th. Finally, Wall Street Zen cut Magna International from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Magna International presently has an average rating of “Hold” and an average target price of $68.33.

Magna International Stock Performance

Shares of Magna International stock opened at $62.70 on Monday. The firm has a market capitalization of $16.20 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.66 and a beta of 1.46. The business has a 50-day simple moving average of $64.47 and a 200 day simple moving average of $62.99. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.14 and a quick ratio of 0.80. Magna International has a one year low of $45.33 and a one year high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, October 30th. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.25. The firm had revenue of $9.86 billion during the quarter, compared to analysts’ expectations of $10.01 billion. Magna International had a net margin of 1.99% and a return on equity of 16.26%. The business’s revenue was down 3.9% on a year-over-year basis. During the same period last year, the company earned $1.33 earnings per share. On average, research analysts anticipate that Magna International will post 7.07 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a $0.4950 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.2%. Magna International’s payout ratio is currently 63.46%.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently modified their holdings of the business. Oslo Pensjonsforsikring AS bought a new position in shares of Magna International in the first quarter worth approximately $45,000. Addison Advisors LLC purchased a new position in shares of Magna International in the third quarter valued at about $63,000. Versant Capital Management Inc boosted its stake in shares of Magna International by 53.9% in the third quarter. Versant Capital Management Inc now owns 1,171 shares of the company’s stock worth $75,000 after acquiring an additional 410 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Magna International by 115.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company’s stock worth $93,000 after purchasing an additional 896 shares in the last quarter. Finally, Jacobi Capital Management LLC purchased a new position in Magna International in the 3rd quarter worth approximately $157,000. Institutional investors own 67.49% of the company’s stock.

About Magna International

Magna International is a Canadian mobility technology supplier that designs and manufactures components, systems and complete vehicles for automakers. Its products and services support a range of vehicle types, including those with electric and advanced driver-assistance technologies. The company’s operations include body and exterior systems, seating, powertrain and electronics, as well as vehicle engineering and contract manufacturing. Its portfolio also includes products such as mirrors, lighting systems and roof systems.