Magna International (NYSE:MGA) PT Lowered to $60.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by Evercore from $62.00 to $60.00 in a research note issued to investors on Monday morning, BayStreet.CA reports. The firm currently has an in-line rating on the stock.

Several other analysts have also recently weighed in on the stock. Citigroup lowered their price objective on shares of Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a research report on Monday, February 12th. The Goldman Sachs Group reduced their target price on shares of Magna International from $56.00 to $48.00 and set a neutral rating on the stock in a report on Monday. Scotiabank reduced their target price on shares of Magna International from $59.00 to $55.00 and set a sector perform rating on the stock in a report on Monday. CIBC reduced their target price on shares of Magna International from $59.00 to $54.00 and set a neutral rating on the stock in a report on Monday. Finally, Wells Fargo & Company reduced their target price on shares of Magna International from $52.00 to $49.00 and set an equal weight rating on the stock in a report on Monday. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Magna International currently has an average rating of Hold and a consensus target price of $60.00.

Magna International Stock Performance

NYSE MGA opened at $47.08 on Monday. Magna International has a 1 year low of $45.75 and a 1 year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. The stock has a market capitalization of $13.53 billion, a PE ratio of 13.38, a P/E/G ratio of 0.47 and a beta of 1.69. The company’s 50 day simple moving average is $51.55 and its two-hundred day simple moving average is $53.84.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.11 earnings per share. Analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.475 per share. The ex-dividend date is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.04%. Magna International’s dividend payout ratio (DPR) is currently 53.98%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its position in Magna International by 58.2% during the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after acquiring an additional 3,609,429 shares during the period. Toronto Dominion Bank lifted its position in Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after acquiring an additional 157,808 shares during the period. Russell Investments Group Ltd. lifted its position in Magna International by 35.5% during the 1st 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. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after acquiring an additional 2,727 shares during the period. Finally, QV Investors Inc. lifted its position in Magna International by 1.0% during the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after acquiring an additional 6,895 shares during the period. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.