Magna International Inc. (NYSE:MGA) Declares $0.48 Quarterly Dividend

Magna International Inc. (NYSE:MGA) (TSE:MG) announced a quarterly dividend on Friday, November 1st, NASDAQ reports. Shareholders of record on Friday, November 15th will be paid a dividend of 0.475 per share on Friday, November 29th. This represents a $1.90 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date is Friday, November 15th.

Magna International has increased its dividend payment by an average of 4.8% annually over the last three years. Magna International has a dividend payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Magna International to earn $6.22 per share next year, which means the company should continue to be able to cover its $1.90 annual dividend with an expected future payout ratio of 30.5%.

Magna International Stock Up 6.3 %

Shares of NYSE:MGA opened at $41.97 on Friday. Magna International has a one year low of $38.01 and a one year high of $60.32. The company has a 50 day moving average of $41.34 and a 200-day moving average of $43.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.66 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Magna International will post 5.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group lowered their price target on shares of Magna International from $51.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. CIBC lowered their price target on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada reduced their price objective on shares of Magna International from $47.00 to $42.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Bank of America reduced their price objective on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.65.

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.