Magna International (NYSE:MGA) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a buy rating to a hold rating in a report released on Tuesday.

MGA has been the topic of several other reports. Wells Fargo & Company lowered their price target on Magna International from $60.00 to $54.00 and set an equal weight rating on the stock in a research report on Monday, February 12th. CIBC dropped their price target on Magna International from $63.00 to $61.00 and set a neutral rating on the stock in a research report on Monday, February 12th. JPMorgan Chase & Co. cut their price target on Magna International from $77.00 to $69.00 and set an overweight rating for the company in a report on Monday, February 12th. Evercore downgraded shares of Magna International from an outperform rating to an in-line rating and lowered their price objective for the stock from $75.00 to $62.00 in a research note on Monday. Finally, Scotiabank dropped their target price on shares of Magna International from $62.00 to $59.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $62.93.

Magna International Stock Down 1.8 %

Shares of Magna International stock opened at $48.76 on Tuesday. Magna International has a 12-month low of $46.71 and a 12-month high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The stock has a 50 day moving average price of $53.78 and a two-hundred day moving average price of $54.36. The stock has a market capitalization of $14.01 billion, a P/E ratio of 11.55, a PEG ratio of 0.50 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data 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). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The firm had revenue of $10.45 billion during the quarter, compared to analyst estimates of $10.44 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Magna International’s quarterly revenue was up 9.3% compared to the same quarter last year. Equities analysts expect that Magna International will post 6.11 earnings per share for the current year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 3.90%. This is an increase from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, February 22nd. Magna International’s payout ratio is presently 45.02%.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new stake in Magna International in the 3rd quarter valued at $26,000. Sunbelt Securities Inc. boosted its stake in shares of Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after purchasing an additional 526 shares in the last quarter. Resources Management Corp CT ADV grew its holdings in shares of Magna International by 323.5% in the 2nd quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock worth $48,000 after purchasing an additional 647 shares during the last quarter. Finally, S.A. Mason LLC increased its position in shares of 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 purchasing an additional 229 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.