Magna International (NYSE:MGA) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from an underperform rating to a peer perform rating in a research report released on Thursday morning, Marketbeat Ratings reports.

Several other equities analysts have also recently weighed in on MGA. The Goldman Sachs Group lowered their target price on Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley lowered shares of Magna International from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $55.00 to $43.00 in a research note on Wednesday, September 25th. Scotiabank increased their target price on shares of Magna International from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Monday, November 4th. Royal Bank of Canada lowered their price target on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. Finally, UBS Group increased their price objective on Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.76.

Magna International Stock Performance

Magna International stock opened at $45.29 on Thursday. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The firm’s 50 day simple moving average is $42.86 and its 200-day simple moving average is $42.51. 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 cap of $13.01 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 0.84 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). The firm had revenue of $10.28 billion for the quarter, compared to analyst estimates 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 for the quarter was down 3.8% compared to the same quarter last year. During the same period last year, the firm earned $1.46 earnings per share. As a group, equities research analysts predict that Magna International will post 5.22 EPS for the current year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.20%. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of MGA. JARISLOWSKY FRASER Ltd increased its stake in shares of Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares during the period. Toronto Dominion Bank increased its position in Magna International by 1.2% in the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after buying an additional 18,704 shares during the period. Geode Capital Management LLC increased its position in Magna International by 2.9% in 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 period. ARGA Investment Management LP acquired a new position in shares of Magna International during the third quarter worth approximately $40,710,000. Finally, Janney Montgomery Scott LLC boosted its position 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. 67.49% of the stock is currently owned by institutional investors.

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.