Magna International (NYSE:MGA) Price Target Raised to $57.00 at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) had its price objective hoisted by Scotiabank from $52.00 to $57.00 in a report released on Tuesday,BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

MGA has been the subject of several other research reports. Wells Fargo & Company upped their price target on shares of Magna International from $50.00 to $58.00 and gave the company an “equal weight” rating in a research report on Monday, January 12th. Wall Street Zen raised shares of Magna International from a “buy” rating to a “strong-buy” rating in a report on Monday, January 19th. Morgan Stanley lifted their price target on shares of Magna International from $38.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, December 8th. CIBC boosted their price objective on shares of Magna International from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 5th. Finally, JPMorgan Chase & Co. raised their target price on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $52.80.

Magna International Price Performance

MGA opened at $53.57 on Tuesday. The firm has a market cap of $15.01 billion, a PE ratio of 14.64 and a beta of 1.50. The stock has a 50-day moving average price of $52.57 and a 200-day moving average price of $47.95. Magna International has a 1 year low of $30.39 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, October 31st. The company reported $1.33 EPS for the quarter, topping the consensus estimate 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 last year, the company earned $1.28 EPS. Magna International’s revenue for the quarter was up 1.8% on a year-over-year basis. Sell-side analysts predict that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Friday, November 14th. Magna International’s dividend payout ratio is presently 53.01%.

Hedge Funds Weigh In On Magna International

Hedge funds have recently made changes to their positions in the business. ARGA Investment Management LP raised its stake in Magna International by 33.2% during the 3rd quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock valued at $196,557,000 after purchasing an additional 1,033,747 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in Magna International during the 3rd quarter valued at approximately $33,593,000. Geode Capital Management LLC raised its position in shares of 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 buying an additional 338,470 shares during the last quarter. AGF Management Ltd. purchased a new position in shares of Magna International in the third quarter worth $14,191,000. Finally, Achmea Investment Management B.V. bought a new position in shares of Magna International during the third quarter worth $8,606,000. Institutional investors own 67.49% of the company’s stock.

About Magna International

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.