Magna International (NYSE:MGA) Downgraded to Neutral Rating by Bank of America

Bank of America downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a buy rating to a neutral rating in a research report released on Tuesday, Marketbeat.com reports. They currently have $48.00 target price on the stock, down from their prior target price of $52.00.

Other analysts have also issued reports about the stock. CIBC boosted their price target on shares of Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. The Goldman Sachs Group lowered shares of Magna International from a “neutral” rating to a “sell” rating and cut their target price for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Raymond James cut their target price on shares of Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 18th. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada cut their target price on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.88.

Magna International Stock Down 3.2 %

Shares of MGA opened at $34.20 on Tuesday. The firm has a market cap of $9.65 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 0.63 and a beta of 1.61. Magna International has a 12-month low of $33.30 and a 12-month high of $56.12. The company’s 50-day moving average price is $39.82 and its 200 day moving average price is $41.50. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. The company had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share. On average, sell-side analysts forecast that Magna International will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.485 dividend. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 5.67%. The ex-dividend date is Friday, February 28th. Magna International’s dividend payout ratio is presently 55.27%.

Institutional Investors Weigh In On Magna International

Several large investors have recently modified their holdings of MGA. Janney Montgomery Scott LLC boosted its holdings in shares of Magna International by 11.4% in the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock valued at $8,644,000 after acquiring an additional 21,532 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Magna International by 6.6% in the third quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock valued at $517,000 after acquiring an additional 766 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Magna International during the third quarter worth $32,000. Strengthening Families & Communities LLC lifted its holdings in shares of Magna International by 10.7% during the third quarter. Strengthening Families & Communities LLC now owns 43,484 shares of the company’s stock worth $1,785,000 after purchasing an additional 4,209 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in shares of Magna International by 12.5% during the third quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock worth $6,128,000 after purchasing an additional 16,639 shares during the period. 67.49% of the stock is owned by institutional investors and hedge funds.

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.