Magna International (NYSE:MGA) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research report report published on Monday.

Other analysts have also recently issued research reports about the company. Bank of America decreased their target price on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. The Goldman Sachs Group lowered their target price on Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. CIBC reduced 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. Barclays lowered their price objective on shares of Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada cut their target price on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.76.

Magna International Price Performance

NYSE MGA opened at $42.13 on Monday. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The company has a market cap of $12.11 billion, a PE ratio of 11.26, a PEG ratio of 0.68 and a beta of 1.59. The stock’s 50-day moving average price is $41.34 and its two-hundred day moving average price is $43.02.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) 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 firm 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 revenue was down 3.8% compared to the same quarter last year. On average, analysts predict that Magna International will post 5.3 EPS for the current year.

Magna International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s dividend payout ratio is 50.80%.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently made changes to their positions in the business. JARISLOWSKY FRASER Ltd grew its holdings in Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after buying an additional 395,745 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of Magna International by 1.9% in the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after acquiring an additional 30,361 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after acquiring an additional 289,105 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Magna International by 11.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock valued at $8,644,000 after purchasing an additional 21,532 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Magna International by 135.5% in the 2nd 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. 67.49% of the stock is currently owned by institutional investors.

Magna International Company Profile

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.