TD Securities Cuts Magna International (NYSE:MGA) Price Target to $62.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by TD Securities from $63.00 to $62.00 in a research report sent to investors on Monday, BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

MGA has been the subject of several other research reports. Evercore decreased their price objective on shares of Magna International from $62.00 to $60.00 and set an in-line rating for the company in a research note on Monday. CIBC decreased their target price on shares of Magna International from $59.00 to $54.00 and set a neutral rating for the company in a research note on Monday. BMO Capital Markets decreased their target price 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. JPMorgan Chase & Co. increased their target price 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, UBS Group increased their target price 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. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to 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 debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. Magna International has a 1 year low of $45.75 and a 1 year high of $65.27. The company has a market capitalization of $13.53 billion, a PE ratio of 13.38, a P/E/G ratio of 0.47 and a beta of 1.69. The company has a fifty day moving average of $51.55 and a two-hundred day moving average of $53.84.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data 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). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same quarter in the prior year, the company earned $1.11 EPS. The business’s revenue was up 2.8% on a year-over-year basis. As a group, analysts expect that Magna International will post 6.13 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced 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. 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 Inflows and Outflows

Hedge funds have recently modified their holdings of the business. S.A. Mason LLC boosted its position in Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Magna International by 9.6% in the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after purchasing an additional 312 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Magna International by 13.0% in the 1st quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after purchasing an additional 350 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in shares of Magna International by 332.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after purchasing an additional 526 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other 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.