Magna International (NYSE:MGA) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sector perform rating to an outperform rating in a report issued on Friday morning, Marketbeat Ratings reports. Royal Bank of Canada currently has $52.00 target price on the stock, up from their previous target price of $41.00.

Several other brokerages have also recently issued reports on MGA. TD Securities reduced their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. CIBC increased their price target on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group cut shares of Magna International from a “neutral” rating to a “sell” rating and reduced their target price for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Magna International currently has a consensus rating of “Hold” and an average price target of $50.53.

Magna International Price Performance

Shares of MGA stock opened at $41.13 on Friday. The firm’s 50-day moving average is $42.77 and its two-hundred day moving average is $42.16. Magna International has a 12 month low of $38.01 and a 12 month high of $59.37. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. The company has a market capitalization of $11.63 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 0.63 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. Magna International’s revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm posted $1.46 earnings per share. Analysts predict that Magna International will post 5.22 earnings per share for the current year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.62%. Magna International’s dividend payout ratio is presently 50.80%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Toronto Dominion Bank grew its holdings in Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after purchasing an additional 18,704 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Magna International by 12.5% in the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after purchasing an additional 16,639 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Magna International by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after buying an additional 32,000 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Magna International by 37.2% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after purchasing an additional 301 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Magna International by 117,113.9% in the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after acquiring an additional 84,322 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

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.