Magna International (NYSE:MGA) PT Raised to $44.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lifted by Wells Fargo & Company from $43.00 to $44.00 in a report released on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

MGA has been the subject of a number of other reports. Scotiabank dropped their price target on Magna International from $52.00 to $50.00 and set a sector perform rating on the stock in a research note on Tuesday, August 6th. CIBC cut their target price on Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a research note on Tuesday, August 6th. Evercore ISI decreased their price target on shares of Magna International from $60.00 to $50.00 and set an in-line rating for the company in a research note on Monday, July 15th. JPMorgan Chase & Co. cut their price objective on shares of Magna International from $63.00 to $55.00 and set an overweight rating on the stock in a research report on Tuesday, August 6th. Finally, UBS Group reduced their target price on shares of Magna International from $51.00 to $46.00 and set a neutral rating for the company in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Magna International has an average rating of Hold and an average target price of $51.12.

Magna International Stock Performance

MGA opened at $42.15 on Friday. The firm has a market capitalization of $12.11 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 0.60 and a beta of 1.59. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The stock’s 50 day moving average price is $41.52 and its two-hundred day moving average price is $45.38. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data 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 net margin of 2.29% and a return on equity of 12.53%. 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 firm posted $1.50 EPS. The company’s revenue for the quarter was down .2% compared to the same quarter last year. On average, equities analysts forecast that Magna International will post 5.58 earnings per share for the current year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.475 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.51%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Trading of Magna International

Several institutional investors and hedge funds have recently modified their holdings of MGA. JARISLOWSKY FRASER Ltd raised its holdings in shares of Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. raised its position in Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after purchasing an additional 289,105 shares during the period. Quantbot Technologies LP raised its holdings in Magna International by 616.1% in the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after buying an additional 114,160 shares during the period. Millennium Management LLC raised its position in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after purchasing an additional 93,637 shares during the period. Finally, Azimuth Capital Investment Management LLC lifted its stake in Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after acquiring an additional 53,695 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.