CIBC Cuts Magna International (NYSE:MGA) Price Target to $54.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by CIBC from $59.00 to $54.00 in a report published on Monday, BayStreet.CA reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also issued reports about the company. BMO Capital Markets reduced their target price on Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a report on Monday, February 12th. Royal Bank of Canada reduced their target price on Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a report on Monday, February 12th. Scotiabank reduced their target price on Magna International from $62.00 to $59.00 and set a sector perform rating on the stock in a report on Monday, February 12th. TD Securities dropped their price objective on Magna International from $69.00 to $63.00 and set a buy rating for the company in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. upped their price objective on Magna International from $69.00 to $71.00 and gave the stock an overweight rating in a research report on Monday, April 22nd. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $60.00.

Magna International Stock Performance

NYSE:MGA opened at $47.08 on Monday. The company has a market cap of $13.53 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.47 and a beta of 1.69. Magna International has a fifty-two week low of $45.75 and a fifty-two week high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The stock has a fifty day moving average price of $51.55 and a 200-day moving average price of $53.84.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period last year, the company posted $1.11 earnings per share. As a group, equities analysts anticipate that Magna International will post 6.13 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.475 dividend. The ex-dividend date is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.04%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Investors Weigh In On Magna International

Hedge funds have recently added to or reduced their stakes in the company. Lorne Steinberg Wealth Management Inc. grew its stake in Magna International by 3.9% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after acquiring an additional 2,646 shares during the period. Natixis Advisors L.P. lifted its holdings in shares of Magna International by 243.3% in the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock valued at $2,724,000 after purchasing an additional 36,005 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Magna International by 8.7% in the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after purchasing an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Magna International by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after purchasing an additional 2,727 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new position in shares of Magna International in the fourth quarter valued at approximately $237,000. Institutional investors and hedge funds 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.