Magna International (NYSE:MGA) Price Target Cut to $51.00 by Analysts at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by Royal Bank of Canada from $52.00 to $51.00 in a research note released on Tuesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other brokerages also recently weighed in on MGA. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. Barclays lowered their target price on shares of Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday. Scotiabank lowered their target price on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a research note on Tuesday. UBS Group lowered their target price on shares of Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.88.

Magna International Stock Performance

Shares of Magna International stock opened at $38.06 on Tuesday. Magna International has a fifty-two week low of $35.05 and a fifty-two week high of $56.12. 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 firm has a market capitalization of $10.77 billion, a P/E ratio of 10.18, a P/E/G ratio of 0.60 and a beta of 1.61. The company’s 50 day moving average price is $40.99 and its two-hundred day moving average price is $41.61.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 earnings per share. On average, equities analysts forecast that Magna International will post 5.23 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm 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 dividend of $0.485 per share. This is a boost from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date is Friday, February 28th. Magna International’s dividend payout ratio (DPR) is currently 50.80%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARGA Investment Management LP boosted its holdings in Magna International by 158.1% during the fourth quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock worth $107,049,000 after purchasing an additional 1,568,953 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Magna International by 52.3% during the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after purchasing an additional 822,375 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Magna International by 1.2% during the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after purchasing an additional 18,704 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Magna International by 32.2% during the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock worth $63,280,000 after purchasing an additional 371,437 shares during the last quarter. Finally, Mufg Securities Canada LTD. boosted its holdings in Magna International by 72.1% during the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after purchasing an additional 172,754 shares during the last quarter. 67.49% of the stock is currently owned by hedge funds and other 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.