Raymond James Trims Magna International (NYSE:MGA) Target Price to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its target price cut by Raymond James from $60.00 to $57.00 in a report published on Monday morning, Benzinga reports. They currently have a market perform rating on the stock. Raymond James also issued estimates for Magna International’s Q3 2024 earnings at $1.54 EPS, Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.60 EPS, Q1 2025 earnings at $1.68 EPS, Q2 2025 earnings at $1.82 EPS, Q3 2025 earnings at $1.75 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $6.93 EPS.

Several other brokerages also recently commented on MGA. Scotiabank reduced their target price on Magna International from $59.00 to $55.00 and set a sector perform rating for the company in a research note on Monday. Citigroup decreased their price objective on shares of Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a report on Monday, February 12th. Barclays cut their target price on shares of Magna International from $62.00 to $60.00 and set an equal weight rating for the company in a research note on Monday. National Bankshares decreased their price target on shares of Magna International from $60.00 to $57.00 and set a market perform rating on the stock in a research note on Monday. Finally, TD Securities cut their price objective on shares of Magna International from $63.00 to $62.00 and set a buy rating for the company in a research report on Monday. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $60.00.

Magna International Stock Performance

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

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

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.04%. The ex-dividend date is Thursday, May 16th. Magna International’s payout ratio is 53.98%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. S.A. Mason LLC grew its position in Magna International by 24.4% during the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Magna International by 9.6% in the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after buying an additional 312 shares during the period. UMB Bank n.a. increased its stake in shares of Magna International by 13.0% in the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after buying an additional 350 shares during the period. Sunbelt Securities Inc. boosted its position in Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after buying an additional 523 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Magna International by 332.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after acquiring an additional 526 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.