Scotiabank Issues Positive Forecast for Magna International (NYSE:MGA) Stock Price

Magna International (NYSE:MGA) (TSE:MG) had its target price lifted by Scotiabank from $50.00 to $52.00 in a report released on Monday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other analysts also recently commented on the stock. Raymond James dropped their price target on shares of Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 6th. Bank of America dropped their price target on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. JPMorgan Chase & Co. dropped their price target on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Wolfe Research restated an “underperform” rating on shares of Magna International in a research report on Thursday, September 5th. Finally, Royal Bank of Canada dropped their price target on shares of Magna International from $47.00 to $42.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.76.

Magna International Trading Up 2.5 %

Shares of NYSE:MGA opened at $43.16 on Monday. The company has a market cap of $12.40 billion, a PE ratio of 11.54, a P/E/G ratio of 0.68 and a beta of 1.59. The company’s 50-day moving average price is $41.37 and its 200 day moving average price is $43.02. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). The firm had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. Sell-side analysts anticipate that Magna International will post 5.3 earnings per share for the current year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.40%. Magna International’s dividend payout ratio is currently 50.80%.

Institutional Investors Weigh In On Magna International

A number of large investors have recently made changes to their positions in MGA. JARISLOWSKY FRASER Ltd raised 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 valued at $299,543,000 after acquiring an additional 395,745 shares during the period. Russell Investments Group Ltd. raised 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 valued at $60,118,000 after acquiring an additional 289,105 shares during the period. Quantbot Technologies LP raised 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 valued at $5,560,000 after acquiring an additional 114,160 shares during the period. Millennium Management LLC increased its stake 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 buying an additional 93,637 shares during the period. Finally, Toronto Dominion Bank increased its stake in Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after buying an additional 30,361 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.