Magna International (NYSE:MGA) Given New $62.00 Price Target at TD Securities

Magna International (NYSE:MGA) (TSE:MG) had its price target trimmed by TD Securities from $63.00 to $62.00 in a research note released on Monday morning, BayStreet.CA reports. The firm currently has a buy rating on the stock.

MGA has been the subject of several other reports. Royal Bank of Canada decreased their price target on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a research report on Monday, February 12th. Evercore lowered their target price on Magna International from $62.00 to $60.00 and set an in-line rating for the company in a research report on Monday. National Bankshares reduced their price target on Magna International from $60.00 to $57.00 and set a market perform rating on the stock in a research report on Monday. Wells Fargo & Company decreased their price target on Magna International from $52.00 to $49.00 and set an equal weight rating for the company in a research note on Monday. Finally, Barclays cut their price objective on Magna International from $62.00 to $60.00 and set an equal weight rating on the stock in a research note on Monday. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $60.00.

Magna International Trading Up 0.6 %

Shares of MGA stock opened at $46.85 on Monday. Magna International has a twelve month low of $45.99 and a twelve month high of $65.27. The stock’s fifty day simple moving average is $51.87 and its 200 day simple moving average is $53.92. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $13.46 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.47 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.18). The firm had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.11 earnings per share. As a group, sell-side analysts predict that Magna International will post 6.13 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.475 per share. The ex-dividend date is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.06%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Lorne Steinberg Wealth Management Inc. grew its position in Magna International by 3.9% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after purchasing an additional 2,646 shares during the period. Natixis Advisors L.P. lifted its stake in shares of Magna International by 243.3% in the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock valued at $2,724,000 after buying an additional 36,005 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Magna International by 8.7% during the third 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after acquiring an additional 2,727 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new stake in shares of Magna International in the 4th quarter worth about $237,000. 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.