Magna International (NYSE:MGA) PT Lowered to $60.00 at Evercore

Magna International (NYSE:MGA) (TSE:MG) had its target price cut by Evercore from $62.00 to $60.00 in a report released on Monday, BayStreet.CA reports. They currently have an in-line rating on the stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group reduced their target price on shares of Magna International from $56.00 to $48.00 and set a neutral rating for the company in a research note on Monday. Barclays reduced their price objective on shares of Magna International from $62.00 to $60.00 and set an equal weight rating for the company in a research note on Monday. UBS Group boosted their price objective on shares of Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Magna International from $69.00 to $71.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Finally, BMO Capital Markets reduced their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating for the company in a research note on Monday, February 12th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $60.00.

Magna International Stock Performance

Shares of MGA opened at $47.08 on Monday. The company’s 50 day moving average price is $51.55 and its 200 day moving average price is $53.84. Magna International has a 52 week low of $45.75 and a 52 week high of $65.27. The company has a market capitalization of $13.53 billion, a PE ratio of 13.38, a PEG ratio of 0.47 and a beta of 1.69. 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 earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.97%. Magna International’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.11 earnings per share. Research analysts expect that Magna International will post 6.13 EPS for the current fiscal year.

Magna International Dividend Announcement

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

Institutional Investors Weigh In On Magna International

Several large investors have recently made changes to their positions in the company. Pzena Investment Management LLC grew its holdings in shares of Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank lifted its position in Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after buying an additional 157,808 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Magna International by 35.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after buying an additional 2,727 shares in the last quarter. Finally, QV Investors Inc. lifted its position in Magna International by 1.0% during the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock worth $36,378,000 after buying an additional 6,895 shares in the last quarter. Institutional investors own 67.49% of the company’s stock.

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.