TD Securities Cuts Magna International (NYSE:MGA) Price Target to $50.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by TD Securities from $52.00 to $50.00 in a report issued on Monday,Benzinga reports. TD Securities currently has a buy rating on the stock.

Several other analysts also recently commented on the stock. Scotiabank cut their price objective on shares of Magna International from $52.00 to $49.00 and set a “sector perform” rating on the stock in a research report on Monday. UBS Group increased their price target on shares of Magna International from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Wells Fargo & Company decreased their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, December 16th. CIBC increased their target price on Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. Finally, The Goldman Sachs Group cut Magna International from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Magna International presently has an average rating of “Hold” and a consensus target price of $50.24.

Magna International Price Performance

Shares of MGA opened at $41.06 on Monday. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $59.37. The firm’s 50-day simple moving average is $42.66 and its two-hundred day simple moving average is $42.11. The stock has a market cap of $11.61 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 0.63 and a beta of 1.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. During the same period last year, the business earned $1.46 EPS. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. Analysts anticipate that Magna International will post 5.22 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.63%. Magna International’s payout ratio is presently 50.80%.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its holdings in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after purchasing an additional 93,637 shares during the period. Systematic Financial Management LP lifted its position in shares of Magna International by 6.0% during the 2nd quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock valued at $1,747,000 after buying an additional 2,355 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after acquiring an additional 513 shares during the period. SG Americas Securities LLC increased its holdings in Magna International by 11.2% in the 3rd quarter. SG Americas Securities LLC now owns 37,628 shares of the company’s stock worth $1,544,000 after acquiring an additional 3,794 shares in the last quarter. Finally, Tobam raised its stake in Magna International by 94.3% during the 3rd quarter. Tobam now owns 4,373 shares of the company’s stock worth $179,000 after acquiring an additional 2,122 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.