Magna International (NYSE:MGA) Price Target Raised to $71.00 at JPMorgan Chase & Co.

Magna International (NYSE:MGA) (TSE:MG) had its price objective increased by JPMorgan Chase & Co. from $69.00 to $71.00 in a report released on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts also recently weighed in on the company. CIBC cut their price objective on Magna International from $61.00 to $59.00 and set a neutral rating on the stock in a research note on Friday. UBS Group lifted their price target on Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, January 17th. Wells Fargo & Company dropped their price target on Magna International from $60.00 to $54.00 and set an equal weight rating on the stock in a research report on Monday, February 12th. TD Securities dropped their price target on Magna International from $73.00 to $69.00 and set a buy rating on the stock in a research report on Monday, February 12th. Finally, StockNews.com downgraded Magna International from a buy rating to a hold rating in a research report on Tuesday, April 16th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Magna International presently has a consensus rating of Hold and an average price target of $62.50.

Magna International Stock Up 2.0 %

Shares of MGA stock opened at $49.31 on Monday. The stock’s 50 day simple moving average is $53.09 and its 200 day simple moving average is $54.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. Magna International has a twelve month low of $46.71 and a twelve month high of $65.27. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The company had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.44 billion. During the same period in the previous year, the business posted $0.91 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, research analysts predict that Magna International will post 6.11 EPS for the current year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.475 per share. The ex-dividend date was Thursday, February 22nd. This is a boost from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.85%. Magna International’s payout ratio is currently 45.02%.

Institutional Trading of Magna International

A number of institutional investors and hedge funds have recently modified their holdings of the company. Natixis Advisors L.P. boosted its stake in Magna International by 243.3% in the 3rd quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock valued at $2,724,000 after buying an additional 36,005 shares in the last quarter. Toronto Dominion Bank boosted its stake in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after buying an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after buying an additional 2,727 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in Magna International in the 4th quarter valued at $237,000. Finally, Pzena Investment Management LLC boosted its stake in Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after buying an additional 3,609,429 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

About Magna International

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.