Magna International (NYSE:MGA) Price Target Raised to $45.00

Magna International (NYSE:MGA) (TSE:MG) had its price target hoisted by Barclays from $40.00 to $45.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

MGA has been the subject of several other reports. Veritas upgraded Magna International to a “hold” rating in a report on Thursday, April 24th. Bank of America upped their target price on Magna International from $42.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Wells Fargo & Company upped their target price on Magna International from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Scotiabank upped their target price on Magna International from $38.00 to $44.00 and gave the company a “sector perform” rating in a report on Monday, July 14th. Finally, BMO Capital Markets dropped their target price on Magna International from $47.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Magna International currently has an average rating of “Hold” and an average target price of $42.71.

Magna International Stock Performance

MGA stock opened at $41.42 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 1.06 and a debt-to-equity ratio of 0.32. The business’s fifty day simple moving average is $38.30 and its two-hundred day simple moving average is $37.31. Magna International has a twelve month low of $30.39 and a twelve month high of $47.22. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 10.36, a PEG ratio of 1.01 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.12). Magna International had a return on equity of 11.96% and a net margin of 2.73%. The business had revenue of $9.68 billion during the quarter, compared to analyst estimates of $9.66 billion. During the same period in the prior year, the business posted $1.08 EPS. Magna International’s revenue was down 8.2% compared to the same quarter last year. Analysts predict that Magna International will post 5.87 earnings per share for the current year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a $0.485 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.94 annualized dividend and a yield of 4.68%. Magna International’s dividend payout ratio (DPR) is 48.50%.

Institutional Investors Weigh In On Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGA. 1620 Investment Advisors Inc. grew its stake in shares of Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after purchasing an additional 276 shares during the period. Cromwell Holdings LLC grew its stake in shares of Magna International by 131.6% during the first quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock worth $28,000 after purchasing an additional 466 shares during the period. LRI Investments LLC grew its stake in shares of Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Magna International during the first quarter worth $27,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Magna International during the fourth quarter worth $33,000. 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.