Magna International’s (MGA) “Underperform” Rating Reaffirmed at Wolfe Research

Wolfe Research reissued their underperform rating on shares of Magna International (NYSE:MGA) (TSE:MG) in a report published on Thursday, Marketbeat reports.

Other equities analysts have also recently issued reports about the stock. CIBC reduced their price objective on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. reduced their price target on Magna International from $63.00 to $55.00 and set an overweight rating on the stock in a research report on Tuesday, August 6th. Evercore dropped their price objective on Magna International from $60.00 to $50.00 and set an in-line rating for the company in a report on Monday, July 15th. UBS Group reduced their target price on Magna International from $51.00 to $46.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Finally, BNP Paribas raised Magna International from a neutral rating to an outperform rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $51.06.

Magna International Stock Down 2.8 %

Shares of MGA opened at $39.36 on Thursday. The firm has a market capitalization of $11.31 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 0.64 and a beta of 1.59. Magna International has a 52 week low of $38.01 and a 52 week high of $60.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The business’s fifty day moving average price is $42.06 and its two-hundred day moving average price is $46.51.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the previous year, the business earned $1.50 earnings per share. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts predict that Magna International will post 5.58 earnings per share for the current year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend was Friday, August 16th. Magna International’s dividend payout ratio is presently 53.98%.

Hedge Funds Weigh In On Magna International

A number of large investors have recently bought and sold shares of the company. Van ECK Associates Corp grew its position in Magna International by 11.7% in the fourth quarter. Van ECK Associates Corp now owns 3,995 shares of the company’s stock valued at $236,000 after purchasing an additional 419 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Magna International by 2.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 148,673 shares of the company’s stock worth $8,783,000 after buying an additional 4,090 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Magna International by 50.8% in the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after acquiring an additional 879 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Magna International by 576.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,079 shares of the company’s stock valued at $182,000 after acquiring an additional 2,624 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Magna International by 11.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 18,437 shares of the company’s stock worth $1,089,000 after acquiring an additional 1,949 shares in the last quarter. Institutional investors and hedge funds 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.