Magna International Inc. (NYSE:MGA)‘s stock had its “neutral” rating reiterated by Goldman Sachs Group Inc. in a note issued to investors on Saturday. They currently have a $43.00 target price on the stock, down from their prior target price of $44.00. Goldman Sachs Group Inc.’s target price suggests a potential upside of 1.82% from the company’s previous close.
A number of other research analysts have also issued reports on MGA. BMO Capital Markets lowered shares of Magna International from an “outperform” rating to a “market perform” rating and cut their price target for the company from $50.00 to $36.00 in a research note on Tuesday, June 28th. Wells Fargo & Co. reaffirmed a “hold” rating and issued a $41.50 price objective on shares of Magna International in a report on Monday, July 18th. Royal Bank Of Canada upped their price objective on shares of Magna International from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, August 8th. Citigroup Inc. upped their price objective on shares of Magna International from $48.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 8th. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $55.00 price objective (up from $52.00) on shares of Magna International in a report on Wednesday, August 10th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Magna International presently has a consensus rating of “Buy” and a consensus target price of $50.32.
Shares of Magna International (NYSE:MGA) opened at 42.23 on Friday. The company has a market capitalization of $16.43 billion, a P/E ratio of 8.07 and a beta of 1.60. Magna International has a one year low of $30.41 and a one year high of $53.89. The firm has a 50-day moving average of $40.99 and a 200-day moving average of $40.07.
Magna International (NYSE:MGA) last issued its quarterly earnings results on Friday, August 5th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.34 by $0.07. Magna International had a net margin of 6.12% and a return on equity of 21.14%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.24 billion. During the same quarter in the prior year, the business posted $1.29 EPS. Magna International’s revenue for the quarter was up 16.1% compared to the same quarter last year. Analysts forecast that Magna International will post $5.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 26th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Wednesday, August 24th. Magna International’s dividend payout ratio is presently 19.16%.
A number of institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its stake in shares of Magna International by 27.1% in the second quarter. Van ECK Associates Corp now owns 3,763 shares of the company’s stock worth $132,000 after buying an additional 803 shares during the period. IFP Advisors Inc boosted its stake in shares of Magna International by 10.9% in the first quarter. IFP Advisors Inc now owns 4,380 shares of the company’s stock worth $188,000 after buying an additional 431 shares during the period. Park National Corp OH boosted its stake in shares of Magna International by 2.9% in the second quarter. Park National Corp OH now owns 7,827 shares of the company’s stock worth $275,000 after buying an additional 220 shares during the period. Ferguson Wellman Capital Management Inc. boosted its stake in shares of Magna International by 7.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 7,850 shares of the company’s stock worth $275,000 after buying an additional 550 shares during the period. Finally, Manitou Investment Management Ltd. acquired a new stake in shares of Magna International during the second quarter worth approximately $302,000. Institutional investors own 58.98% of the company’s stock.
About Magna International
Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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