Magna International (NYSE:MGA) Hits New 1-Year High Following Analyst Upgrade

Shares of Magna International Inc. (NYSE:MGA) (TSE:MG) reached a new 52-week high during trading on Tuesday after CIBC raised their price target on the stock from $50.00 to $56.00. CIBC currently has a neutral rating on the stock. Magna International traded as high as $55.50 and last traded at $55.0790, with a volume of 1300485 shares changing hands. The stock had previously closed at $54.66.

MGA has been the subject of a number of other research reports. Wells Fargo & Company decreased their target price on shares of Magna International from $51.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 9th. Citigroup increased their price objective on Magna International from $49.00 to $55.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Scotiabank boosted their target price on Magna International from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Monday, November 3rd. Morgan Stanley upped their target price on Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, December 8th. Finally, Royal Bank Of Canada increased their price target on Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.73.

Institutional Trading of Magna International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in shares of Magna International in the second quarter valued at about $27,000. Community Bank N.A. purchased a new stake in Magna International in the third quarter valued at approximately $29,000. Farther Finance Advisors LLC increased its holdings in Magna International by 385.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after buying an additional 1,136 shares during the period. Parallel Advisors LLC raised its position in Magna International by 115.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,498 shares of the company’s stock worth $96,000 after buying an additional 1,338 shares during the last quarter. Finally, Danske Bank A S purchased a new position in Magna International during the 3rd quarter worth approximately $112,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Stock Performance

The firm’s 50 day simple moving average is $50.63 and its 200 day simple moving average is $46.38. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of 15.49 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.09. The firm had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.03 billion. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. Sell-side analysts forecast that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, November 14th. Magna International’s dividend payout ratio (DPR) is currently 53.01%.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.