The Goldman Sachs Group Trims Magna International (NYSE:MGA) Target Price to $41.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by The Goldman Sachs Group from $44.00 to $41.00 in a research note released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other research analysts also recently commented on MGA. BNP Paribas upgraded Magna International from a neutral rating to an outperform rating in a report on Monday, July 1st. Evercore dropped their price objective on Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Evercore ISI dropped their price objective on Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. CIBC dropped their price objective on Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. Finally, Royal Bank of Canada dropped their price objective on Magna International from $57.00 to $47.00 and set a sector perform rating on the stock in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Magna International presently has an average rating of Hold and a consensus price target of $49.94.

Magna International Price Performance

MGA stock opened at $40.38 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. The firm has a market capitalization of $11.60 billion, a P/E ratio of 11.47, a P/E/G ratio of 0.65 and a beta of 1.59. The business’s 50-day moving average is $41.05 and its two-hundred day moving average is $44.83. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32.

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

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $0.475 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.71%. Magna International’s dividend payout ratio (DPR) is currently 53.98%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JARISLOWSKY FRASER Ltd grew its stake in shares of Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after purchasing an additional 395,745 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after buying an additional 30,361 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after buying an additional 289,105 shares during the period. Azimuth Capital Investment Management LLC lifted its holdings in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after buying an additional 53,695 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after buying an additional 93,637 shares during the period. 67.49% of the stock is currently 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.