Raymond James Cuts Magna International (NYSE:MGA) Price Target to $50.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by Raymond James from $53.00 to $50.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Wells Fargo & Company dropped their target price on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, December 16th. Wolfe Research upgraded shares of Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. TD Securities dropped their target price on shares of Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Barclays dropped their target price on shares of Magna International from $50.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.88.

Magna International Stock Performance

Magna International stock opened at $38.72 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. Magna International has a 1-year low of $35.05 and a 1-year high of $56.12. The firm has a market capitalization of $10.92 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 0.60 and a beta of 1.61. The company’s 50-day moving average is $40.57 and its 200 day moving average is $41.55.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.71%. The company had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. During the same period in the prior year, the company posted $1.33 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Research analysts forecast that Magna International will post 6.04 EPS for the current year.

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.485 per share. This is a boost from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, February 28th. This represents a $1.94 dividend on an annualized basis and a yield of 5.01%. Magna International’s dividend payout ratio is presently 55.27%.

Institutional Investors Weigh In On Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ARGA Investment Management LP lifted its position in Magna International by 158.1% during the fourth quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock valued at $107,049,000 after acquiring an additional 1,568,953 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Magna International by 52.3% during the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after acquiring an additional 822,375 shares during the last quarter. Toronto Dominion Bank lifted its position in Magna International by 1.2% during the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after acquiring an additional 18,704 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock worth $63,280,000 after buying an additional 371,437 shares during the last quarter. Finally, Mufg Securities Canada LTD. raised its holdings in shares of Magna International by 72.1% in the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after buying an additional 172,754 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.