Magna International (NYSE:MGA) Given New $45.00 Price Target at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) had its price objective decreased by Scotiabank from $49.00 to $45.00 in a research note released on Tuesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company dropped their price target on Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. Royal Bank of Canada upgraded Magna International from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $41.00 to $52.00 in a research note on Friday, January 24th. The Goldman Sachs Group cut Magna International from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $42.00 to $41.00 in a research note on Wednesday, December 11th. Evercore ISI lowered their price objective on Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a research note on Tuesday. Finally, CIBC lifted their price objective on Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Magna International has a consensus rating of “Hold” and an average price target of $48.88.

Magna International Price Performance

Shares of MGA stock opened at $38.06 on Tuesday. The firm has a market cap 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. Magna International has a fifty-two week low of $35.05 and a fifty-two week high of $56.12. The business’s 50 day moving average price is $40.99 and its 200-day moving average price is $41.61. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a return on equity of 11.88% and a net margin of 2.52%. The firm had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. During the same period last year, the company earned $1.33 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Magna International will post 5.23 earnings per share for the current year.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Friday, February 28th. This is a positive change from Magna International’s previous quarterly dividend of $0.48. Magna International’s payout ratio is currently 50.80%.

Institutional Trading of Magna International

Several hedge funds have recently bought and sold shares of MGA. ARGA Investment Management LP grew 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 valued at $107,049,000 after purchasing an additional 1,568,953 shares during the period. Russell Investments Group Ltd. grew 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 valued at $100,087,000 after purchasing an additional 822,375 shares during the period. Geode Capital Management LLC grew 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 valued at $63,280,000 after purchasing an additional 371,437 shares during the period. Mufg Securities Canada LTD. grew 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 valued at $17,228,000 after purchasing an additional 172,754 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Magna International by 117,113.9% during the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock valued at $3,464,000 after purchasing an additional 84,322 shares during the period. 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.