Magna International (NYSE:MGA) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a report published on Thursday morning.

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets dropped their price objective on Magna International from $67.00 to $65.00 and set an outperform rating for the company in a report on Monday, February 12th. Raymond James cut their price target on shares of Magna International from $62.00 to $60.00 and set a market perform rating on the stock in a report on Monday, February 12th. TD Securities decreased their price objective on shares of Magna International from $69.00 to $63.00 and set a buy rating for the company in a report on Monday, April 22nd. Wells Fargo & Company lowered their target price on Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research note on Monday, February 12th. Finally, The Goldman Sachs Group cut shares of Magna International from a buy rating to a neutral rating and lowered their price target for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Magna International presently has a consensus rating of Hold and an average target price of $62.50.

Magna International Trading Down 3.6 %

Shares of MGA opened at $46.70 on Thursday. Magna International has a fifty-two week low of $46.11 and a fifty-two week high of $65.27. The firm has a market cap of $13.42 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 0.47 and a beta of 1.69. The firm has a 50 day moving average price of $52.00 and a 200-day moving average price of $53.95. 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 (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. As a group, equities research analysts forecast that Magna International will post 6.13 earnings per share for the current year.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.07%. Magna International’s dividend payout ratio is presently 53.98%.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pzena Investment Management LLC increased its position in Magna International by 58.2% during the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after acquiring an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank increased its holdings in Magna International by 8.7% during the third 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Magna International by 18.5% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock valued at $50,921,000 after buying an additional 147,950 shares during the last quarter. QV Investors Inc. boosted its stake in shares of Magna International by 20.7% during the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock worth $39,202,000 after acquiring an additional 113,332 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC boosted its stake in shares of Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after acquiring an additional 53,695 shares during the last quarter. 67.49% of the stock is 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.