Magna International (NYSE:MGA) Rating Lowered to In-Line at Evercore

Evercore lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to an in-line rating in a research report report published on Monday morning, BayStreet.CA reports. Evercore currently has $62.00 price objective on the stock, down from their prior price objective of $75.00.

Other equities research analysts have also recently issued research reports about the company. Scotiabank cut their price target on Magna International from $62.00 to $59.00 and set a sector perform rating for the company in a research note on Monday, February 12th. UBS Group raised their target price on shares of Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, January 17th. Royal Bank of Canada dropped their price target on shares of Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research note on Monday, February 12th. The Goldman Sachs Group cut shares of Magna International from a buy rating to a neutral rating and cut their price target for the stock from $73.00 to $58.00 in a report on Wednesday, January 3rd. Finally, Raymond James lowered their price objective on Magna International from $62.00 to $60.00 and set a market perform rating on the stock in a report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Magna International currently has an average rating of Hold and a consensus target price of $62.93.

Magna International Stock Up 0.0 %

Shares of NYSE:MGA opened at $47.86 on Monday. Magna International has a 1-year low of $46.71 and a 1-year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. The stock has a market cap of $13.75 billion, a P/E ratio of 11.34, a P/E/G ratio of 0.49 and a beta of 1.69. The firm has a fifty day moving average price of $53.35 and a 200 day moving average price of $54.27.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.13). The business had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.44 billion. Magna International had a return on equity of 13.15% and a net margin of 2.83%. Magna International’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the company posted $0.91 EPS. Sell-side analysts predict that Magna International will post 6.11 EPS for the current year.

Magna International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Magna International’s previous quarterly dividend of $0.46. Magna International’s payout ratio is 45.02%.

Institutional Investors Weigh In On Magna International

A number of large investors have recently added to or reduced their stakes in MGA. Pzena Investment Management LLC raised its position in Magna International by 58.2% during the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after acquiring an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank lifted its stake in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after buying an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after buying an additional 2,727 shares during the last quarter. Geode Capital Management LLC increased its position in Magna International by 5.6% during the first quarter. Geode Capital Management LLC now owns 905,672 shares of the company’s stock worth $48,821,000 after buying an additional 47,858 shares in the last quarter. Finally, QV Investors Inc. raised its holdings in shares of Magna International by 20.7% in the fourth quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock worth $39,202,000 after acquiring an additional 113,332 shares during the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.