Magna International (NYSE:MGA) Raised to “Buy” at StockNews.com

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

A number of other analysts have also commented on MGA. Wells Fargo & Company reduced their price objective on shares of Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research note on Monday, February 12th. BMO Capital Markets reduced their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating for the company in a research note on Monday, February 12th. Barclays reduced their price objective on shares of Magna International from $63.00 to $62.00 and set an equal weight rating for the company in a research note on Thursday, April 11th. Royal Bank of Canada reduced their price objective on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a research note on Monday, February 12th. Finally, CIBC reduced their price target on shares of Magna International from $61.00 to $59.00 and set a neutral rating for the company in a research report on Friday, April 19th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $62.50.

Magna International Stock Performance

Shares of MGA opened at $49.20 on Wednesday. The firm has a 50-day moving average price of $53.01 and a 200 day moving average price of $54.22. The firm has a market capitalization of $14.13 billion, a PE ratio of 11.65, a P/E/G ratio of 0.50 and a beta of 1.69. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. Magna International has a 52-week low of $46.71 and a 52-week high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The company had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.44 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Magna International’s previous quarterly dividend of $0.46. Magna International’s dividend payout ratio (DPR) is presently 45.02%.

Hedge Funds Weigh In On Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. raised its position in Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after acquiring an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Magna International during the first quarter valued at approximately $49,000. S.A. Mason LLC grew its holdings in Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after purchasing an additional 229 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after purchasing an additional 879 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.