Magna International (NYSE:MGA) Stock Price Down 7.8% – Here’s Why

Magna International Inc. (NYSE:MGA) (TSE:MG)’s share price traded down 7.8% during trading on Thursday . The company traded as low as $34.56 and last traded at $34.71. 740,386 shares were traded during trading, a decline of 56% from the average session volume of 1,684,318 shares. The stock had previously closed at $37.65.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MGA shares. TD Securities reduced their price target on shares of Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Wells Fargo & Company lowered their target price on Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. Wolfe Research upgraded shares of Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. The Goldman Sachs Group lowered Magna International from a “neutral” rating to a “sell” rating and cut their price target for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Finally, Morgan Stanley decreased their price target on Magna International from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $47.03.

Magna International Stock Down 2.8 %

The business has a 50-day moving average price of $38.03 and a 200 day moving average price of $40.86. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $9.58 billion, a P/E ratio of 9.69, a P/E/G ratio of 0.63 and a beta of 1.65.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, February 14th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business had revenue of $10.63 billion during the quarter, compared to analyst estimates of $10.32 billion. During the same quarter last year, the business earned $1.33 earnings per share. Magna International’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities analysts expect that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.485 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.94 annualized dividend and a yield of 5.71%. This is a positive change from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio (DPR) is currently 55.27%.

Institutional Investors Weigh In On Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC boosted its holdings in shares of Magna International by 2,400.0% in the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after purchasing an additional 600 shares during the period. LRI Investments LLC boosted its stake in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares during the period. Millstone Evans Group LLC purchased a new position in Magna International during the fourth quarter worth $33,000. Lindbrook Capital LLC increased its position in Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after acquiring an additional 312 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Magna International by 37.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after acquiring an additional 301 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.