Magna International (NYSE:MGA) Given New $36.50 Price Target at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its target price decreased by CIBC from $44.00 to $36.50 in a research note released on Wednesday,Benzinga reports. CIBC currently has a neutral rating on the stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company dropped their price objective on 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. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $42.00 to $41.00 in a research report on Wednesday, December 11th. Raymond James decreased their price objective on Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a report on Tuesday, February 18th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada decreased their price target on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Magna International presently has a consensus rating of “Hold” and an average target price of $47.03.

Magna International Stock Performance

Shares of Magna International stock opened at $36.86 on Wednesday. Magna International has a 52 week low of $33.30 and a 52 week high of $56.12. The company has a market capitalization of $10.40 billion, a PE ratio of 10.50, a price-to-earnings-growth ratio of 0.63 and a beta of 1.65. The stock’s fifty day moving average is $39.66 and its two-hundred day moving average is $41.45. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, February 14th. The company reported $1.69 EPS 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 12.78%. The firm had revenue of $10.63 billion for the quarter, compared to analysts’ expectations of $10.32 billion. During the same period in the prior year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, analysts expect that Magna International will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.485 per share. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Friday, February 28th. Magna International’s dividend payout ratio (DPR) is currently 55.27%.

Hedge Funds Weigh In On Magna International

Institutional investors and hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its holdings in Magna International by 11.4% in the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock valued at $8,644,000 after acquiring an additional 21,532 shares during the period. Van ECK Associates Corp increased its holdings in shares of Magna International by 6.6% during the 3rd quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock valued at $517,000 after purchasing an additional 766 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Magna International in the 3rd quarter valued at $32,000. Strengthening Families & Communities LLC boosted its holdings in Magna International by 10.7% during the third quarter. Strengthening Families & Communities LLC now owns 43,484 shares of the company’s stock worth $1,785,000 after buying an additional 4,209 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in Magna International by 12.5% during the third quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after buying an additional 16,639 shares during the period. Institutional investors and hedge funds 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.