Magna International (NYSE:MGA) Downgraded by Morgan Stanley to “Equal Weight”

Morgan Stanley lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an overweight rating to an equal weight rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. They currently have $43.00 price target on the stock, down from their prior price target of $55.00.

Other equities research analysts also recently issued reports about the company. Bank of America decreased their price objective on Magna International from $65.00 to $62.00 and set a buy rating on the stock in a research report on Monday, July 22nd. Wolfe Research reissued an underperform rating on shares of Magna International in a research note on Thursday, September 5th. UBS Group lowered their target price on shares of Magna International from $51.00 to $46.00 and set a neutral rating for the company in a report on Wednesday, July 10th. CIBC reduced their price objective on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a research report on Tuesday, August 6th. Finally, Evercore ISI decreased their price objective on shares of Magna International from $60.00 to $50.00 and set an in-line rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $50.41.

Magna International Stock Performance

NYSE MGA opened at $42.73 on Wednesday. The stock has a market capitalization of $12.28 billion, a PE ratio of 12.14, a P/E/G ratio of 0.65 and a beta of 1.59. Magna International has a 1-year low of $38.01 and a 1-year high of $60.32. The business has a 50 day simple moving average of $41.27 and a two-hundred day simple moving average of $45.11. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter in the prior year, the firm posted $1.50 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. On average, research analysts predict that Magna International will post 5.5 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.475 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.45%. Magna International’s dividend payout ratio is currently 53.98%.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JARISLOWSKY FRASER Ltd lifted its holdings in Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares during the period. Russell Investments Group Ltd. boosted its position in 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 purchasing an additional 289,105 shares in the last quarter. Quantbot Technologies LP grew its stake in Magna International by 616.1% in the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Millennium Management LLC raised its holdings in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares in the last quarter. Finally, Azimuth Capital Investment Management LLC lifted its position in shares of Magna International by 39.4% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after buying an additional 53,695 shares during the last quarter. 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.