Magna International (NYSE:MGA) Price Target Cut to $47.00 by Analysts at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price objective trimmed by Royal Bank of Canada from $57.00 to $47.00 in a report published on Tuesday morning, MarketBeat reports. The firm currently has a sector perform rating on the stock.

MGA has been the subject of several other reports. Scotiabank lowered their price objective on Magna International from $52.00 to $50.00 and set a sector perform rating for the company in a research report on Tuesday, August 6th. The Goldman Sachs Group lowered their price objective on Magna International from $56.00 to $48.00 and set a neutral rating for the company in a research report on Monday, May 6th. Citigroup lowered their price objective on Magna International from $52.00 to $47.00 and set a neutral rating for the company in a research report on Friday, July 12th. Raymond James lowered their price objective on Magna International from $57.00 to $53.00 and set a market perform rating for the company in a research report on Tuesday, August 6th. Finally, Barclays decreased their price target on Magna International from $55.00 to $50.00 and set an equal weight rating on the stock in a research note on Tuesday, August 6th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Magna International has an average rating of Hold and a consensus price target of $51.35.

Magna International Price Performance

MGA stock opened at $39.63 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.09 and a quick ratio of 0.76. The business has a 50 day simple moving average of $42.56 and a 200-day simple moving average of $48.33. The firm has a market capitalization of $11.39 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 0.59 and a beta of 1.59. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The business had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.50 earnings per share. Equities research analysts anticipate that Magna International will post 5.68 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Friday, August 16th. Magna International’s dividend payout ratio is presently 53.98%.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JARISLOWSKY FRASER Ltd grew its holdings in shares of Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after purchasing an additional 289,105 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Azimuth Capital Investment Management LLC grew its holdings in shares of Magna International by 39.4% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after purchasing an additional 53,695 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Magna International by 202.7% during the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after purchasing an additional 17,611 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.