Magna International (NYSE:MGA) Price Target Lowered to $55.00 at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by Scotiabank from $59.00 to $55.00 in a research note released on Monday, BayStreet.CA reports. Scotiabank currently has a sector perform rating on the stock.

Several other equities analysts have also weighed in on the company. UBS Group increased their price objective on Magna International from $59.00 to $60.00 and gave the company a neutral rating in a report on Wednesday, January 17th. Evercore downgraded Magna International from an outperform rating to an in-line rating and cut their price target for the stock from $75.00 to $62.00 in a research note on Monday, April 15th. CIBC lowered their price objective on Magna International from $59.00 to $54.00 and set a neutral rating on the stock in a research note on Monday. BMO Capital Markets dropped their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a report on Monday, February 12th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Magna International from $69.00 to $71.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $60.00.

Magna International Price Performance

Shares of NYSE:MGA opened at $46.85 on Monday. The company has a market capitalization of $13.46 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. The company’s 50-day moving average is $51.87 and its 200 day moving average is $53.92. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. Magna International has a fifty-two week low of $45.99 and a fifty-two week high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The company had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. During the same quarter in the previous year, the firm earned $1.11 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts forecast that Magna International will post 6.13 earnings per share for the current year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.06%. Magna International’s payout ratio is currently 53.98%.

Institutional Investors Weigh In On Magna International

Several large investors have recently added to or reduced their stakes in MGA. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock valued at $50,921,000 after acquiring an additional 147,950 shares during the last quarter. Strengthening Families & Communities LLC raised its stake in Magna International by 9.2% in the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock valued at $1,909,000 after purchasing an additional 2,997 shares in the last quarter. Lorne Steinberg Wealth Management Inc. lifted its position in Magna International by 2.2% during the third quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock valued at $3,699,000 after purchasing an additional 1,449 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Magna International by 1.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock worth $7,751,000 after buying an additional 1,737 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Magna International by 9.6% in the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after buying an additional 312 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.