Magna International (NYSE:MGA) Given New $52.00 Price Target at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) had its price target raised by Scotiabank from $47.00 to $52.00 in a report released on Monday, MarketBeat Ratings reports. Scotiabank currently has a sector perform rating on the stock.

MGA has been the subject of a number of other research reports. Barclays upped their price target on Magna International from $45.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. upped their price target on Magna International from $48.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Citigroup raised Magna International to a “hold” rating in a research report on Friday, October 10th. Cfra Research raised Magna International to a “hold” rating in a research report on Monday, August 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magna International in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $48.57.

Magna International Stock Performance

Shares of NYSE MGA opened at $49.27 on Monday. The stock has a market cap of $13.88 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.00 and a beta of 1.53. The company has a current ratio of 1.16, a quick ratio of 0.82 and a debt-to-equity ratio of 0.39. Magna International has a 1-year low of $30.39 and a 1-year high of $49.79. The stock’s 50-day moving average is $46.18 and its 200 day moving average is $41.43.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, October 31st. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.09. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The firm had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. During the same quarter last year, the business earned $1.28 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. Magna International has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Magna International will post 5.87 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.9%. Magna International’s dividend payout ratio (DPR) is presently 53.01%.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of the business. ARGA Investment Management LP grew its holdings in shares of Magna International by 33.2% in the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock worth $196,557,000 after acquiring an additional 1,033,747 shares during the period. Geode Capital Management LLC lifted its position in Magna International by 20.2% during the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock valued at $77,332,000 after purchasing an additional 338,470 shares in the last quarter. QV Investors Inc. lifted its position in Magna International by 0.6% during the second quarter. QV Investors Inc. now owns 651,377 shares of the company’s stock valued at $25,129,000 after purchasing an additional 3,912 shares in the last quarter. Amundi lifted its position in Magna International by 19.0% during the first quarter. Amundi now owns 582,710 shares of the company’s stock valued at $19,305,000 after purchasing an additional 93,189 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Magna International by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 254,557 shares of the company’s stock valued at $9,828,000 after acquiring an additional 2,057 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.