Morgan Stanley Downgrades Magna International (NYSE:MGA) to Equal Weight

Morgan Stanley lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. Morgan Stanley currently has $43.00 price target on the stock, down from their previous price target of $55.00.

Other research analysts have also issued research reports about the company. Scotiabank reduced their price objective on Magna International from $52.00 to $50.00 and set a sector perform rating for the company in a research report on Tuesday, August 6th. UBS Group reduced their price target on Magna International from $51.00 to $46.00 and set a neutral rating for the company in a report on Wednesday, July 10th. Wolfe Research reiterated an underperform rating on shares of Magna International in a research note on Thursday, September 5th. Raymond James reduced their price objective on shares of Magna International from $57.00 to $53.00 and set a market perform rating for the company in a research note on Tuesday, August 6th. Finally, TD Securities dropped their target price on shares of Magna International from $57.00 to $53.00 and set a buy rating on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $50.41.

Magna International Price Performance

MGA opened at $42.73 on Wednesday. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The company has a market cap of $12.28 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59. The stock has a fifty day simple moving average of $41.27 and a two-hundred day simple moving average of $45.11. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter in the previous year, the business earned $1.50 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year. Research analysts predict that Magna International will post 5.5 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.475 per share. The ex-dividend date was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.45%. Magna International’s dividend payout ratio is currently 53.98%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MGA. Sunbelt Securities Inc. raised its holdings in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the period. LRI Investments LLC purchased a new position in shares of Magna International during the 1st quarter valued at about $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Magna International during the 2nd quarter valued at approximately $28,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Magna International in the 1st quarter worth approximately $49,000. Finally, EverSource Wealth Advisors LLC raised its stake in Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after acquiring an additional 319 shares during the period. Hedge funds and other institutional investors 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.