Magna International (NYSE:MGA) Price Target Raised to $56.00 at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price objective raised by CIBC from $50.00 to $56.00 in a report released on Monday morning,BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on the company. Evercore ISI upped their price target on Magna International from $47.00 to $52.00 and gave the company an “in-line” rating in a report on Monday, November 24th. BMO Capital Markets upped their target price on shares of Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Citigroup increased their target price on shares of Magna International from $49.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Barclays boosted their price target on shares of Magna International from $45.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 10th. Finally, TD Securities raised their price objective on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Magna International has an average rating of “Hold” and a consensus price target of $50.73.

Magna International Stock Performance

NYSE:MGA opened at $55.08 on Monday. Magna International has a 12 month low of $30.39 and a 12 month high of $55.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83. The firm has a market capitalization of $15.48 billion, a PE ratio of 15.05 and a beta of 1.50. The business’s fifty day moving average price is $50.41 and its 200 day moving average price is $46.24.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, October 31st. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The company had revenue of $10.50 billion during the quarter, compared to the consensus estimate of $10.03 billion. During the same period in the previous year, the business earned $1.28 EPS. Magna International’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts anticipate that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were paid a dividend of $0.485 per share. The ex-dividend date was Friday, November 14th. This represents a $1.94 annualized dividend and a dividend yield of 3.5%. Magna International’s dividend payout ratio is 53.01%.

Institutional Trading of Magna International

A number of hedge funds have recently added to or reduced their stakes in the stock. ARGA Investment Management LP raised its position in Magna International by 3.9% during the 2nd quarter. ARGA Investment Management LP now owns 3,114,386 shares of the company’s stock worth $120,366,000 after buying an additional 116,529 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Magna International in the first quarter valued at about $305,000. Western Wealth Management LLC acquired a new position in shares of Magna International during the second quarter worth about $249,000. Leuthold Group LLC purchased a new position in Magna International during the second quarter worth about $388,000. Finally, Mediolanum International Funds Ltd acquired a new stake in Magna International in the second quarter valued at about $4,618,000. 67.49% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.