Magna International (NYSE:MGA) Price Target Lowered to $63.00 at TD Securities

Magna International (NYSE:MGA) (TSE:MG) had its price target reduced by TD Securities from $69.00 to $63.00 in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on MGA. The Goldman Sachs Group downgraded shares of Magna International from a buy rating to a neutral rating and decreased their target price for the stock from $73.00 to $58.00 in a research note on Wednesday, January 3rd. Evercore downgraded shares of Magna International from an outperform rating to an in-line rating and reduced their price objective for the company from $75.00 to $62.00 in a research report on Monday, April 15th. Scotiabank reduced their price objective on shares of Magna International from $62.00 to $59.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. CIBC reduced their price objective on shares of Magna International from $61.00 to $59.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Magna International from $69.00 to $71.00 and gave the company an overweight rating in a research report on Monday. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Magna International has an average rating of Hold and an average price target of $62.50.

Magna International Stock Down 1.1 %

Shares of NYSE MGA opened at $48.69 on Monday. 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 has a 52 week low of $46.71 and a 52 week high of $65.27. The firm’s fifty day moving average is $52.91 and its 200 day moving average is $54.18. The company has a market cap of $13.99 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results 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 return on equity of 13.15% and a net margin of 2.83%. The firm had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.44 billion. During the same period in the previous year, the firm earned $0.91 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts expect that Magna International will post 6.13 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 paid a $0.475 dividend. This is a boost 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 yield of 3.90%. Magna International’s payout ratio is presently 45.02%.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of MGA. SG Americas Securities LLC boosted its stake in Magna International by 15.3% in the 3rd quarter. SG Americas Securities LLC now owns 33,392 shares of the company’s stock worth $1,885,000 after purchasing an additional 4,428 shares in the last quarter. Manning & Napier Group LLC boosted its stake in Magna International by 1.6% in the 3rd quarter. Manning & Napier Group LLC now owns 42,789 shares of the company’s stock worth $2,294,000 after purchasing an additional 654 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Magna International by 18.5% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after purchasing an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC boosted its stake in Magna International by 9.2% in 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 in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. lifted its stake in 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 acquiring an additional 1,449 shares during the period. 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.