Magna International (NYSE:MGA) Downgraded by Evercore

Evercore lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to an in-line rating in a report released on Monday morning, BayStreet.CA reports. They currently have $62.00 target price on the stock, down from their previous target price of $75.00.

MGA has been the subject of a number of other research reports. UBS Group upped their price objective on shares of Magna International from $59.00 to $60.00 and gave the company a neutral rating in a research report on Wednesday, January 17th. StockNews.com upgraded Magna International from a hold rating to a buy rating in a report on Monday, February 26th. TD Securities dropped their target price on shares of Magna International from $73.00 to $69.00 and set a buy rating on the stock in a report on Monday, February 12th. Barclays reduced their price target on shares of Magna International from $63.00 to $62.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Finally, Scotiabank dropped their price objective on shares of Magna International from $62.00 to $59.00 and set a sector perform rating on the stock in a report on Monday, February 12th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and an average price target of $62.93.

Magna International Trading Down 0.4 %

NYSE MGA opened at $49.65 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. Magna International has a 12 month low of $46.71 and a 12 month high of $65.27. The company has a market capitalization of $14.26 billion, a PE ratio of 11.77, a P/E/G ratio of 0.50 and a beta of 1.69. The stock has a 50-day simple moving average of $53.97 and a 200 day simple moving average of $54.40.

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

Magna International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.83%. The ex-dividend date 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 is presently 45.02%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC lifted its stake in Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after purchasing an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after acquiring an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after acquiring an additional 147,950 shares during the last quarter. QV Investors Inc. raised its stake in Magna International by 20.7% in the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock valued at $39,202,000 after acquiring an additional 113,332 shares during the period. Finally, Azimuth Capital Investment Management LLC lifted its holdings in Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after purchasing an additional 53,695 shares during the last quarter. 67.49% of the stock is currently owned by 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.