Magna International Inc. (MGA) to Issue Quarterly Dividend of $0.48 on March 8th

Magna International Inc. (NYSE:MGAGet Free Report) (TSE:MG) declared a quarterly dividend on Friday, February 9th, Zacks reports. Stockholders of record on Friday, February 23rd will be paid a dividend of 0.475 per share on Friday, March 8th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, February 22nd. This is an increase from Magna International’s previous quarterly dividend of $0.46.

Magna International has raised its dividend by an average of 4.8% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Magna International has a payout ratio of 23.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Magna International to earn $7.55 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 24.4%.

Magna International Stock Performance

Shares of NYSE MGA opened at $54.69 on Friday. The business has a fifty day simple moving average of $56.69 and a 200 day simple moving average of $55.78. The company has a current ratio of 1.11, a quick ratio of 0.75 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $15.68 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.44 and a beta of 1.71. Magna International has a one year low of $46.71 and a one year high of $65.27.

Magna International (NYSE:MGAGet Free Report) (TSE:MG) last issued its earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). The firm had revenue of $10.45 billion during the quarter, compared to analyst estimates of $10.44 billion. Magna International had a net margin of 2.47% and a return on equity of 12.36%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share. Sell-side analysts expect that Magna International will post 6.64 EPS for the current year.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently added to or reduced their stakes in MGA. Resources Management Corp CT ADV lifted its stake in Magna International by 323.5% in the second quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock valued at $48,000 after buying an additional 647 shares during the period. Rhumbline Advisers raised its position in shares of Magna International by 5.0% during the third quarter. Rhumbline Advisers now owns 4,773 shares of the company’s stock worth $256,000 after purchasing an additional 226 shares during the period. BNP Paribas Arbitrage SNC raised its position in shares of Magna International by 121.9% during the first quarter. BNP Paribas Arbitrage SNC now owns 5,772 shares of the company’s stock worth $309,000 after purchasing an additional 3,171 shares during the period. Power Corp of Canada acquired a new stake in shares of Magna International during the first quarter worth about $574,000. Finally, Thomas White International Ltd. raised its position in shares of Magna International by 8.6% during the first quarter. Thomas White International Ltd. now owns 13,142 shares of the company’s stock worth $845,000 after purchasing an additional 1,043 shares during the period. Institutional investors and hedge funds own 62.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MGA shares. JPMorgan Chase & Co. lowered their price target on Magna International from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. TheStreet cut Magna International from a “b-” rating to a “c+” rating in a research report on Friday, November 10th. TD Securities upped their price target on Magna International from $72.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, November 6th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, Wells Fargo & Company upped their price target on Magna International from $59.00 to $60.00 and gave the company an “equal weight” rating in a research report on Monday, November 6th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $66.67.

Check Out Our Latest Stock Analysis on Magna International

Magna International Company Profile

(Get Free Report)

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.

Read More

Dividend History for Magna International (NYSE:MGA)

Receive News & Ratings for Magna International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magna International and related companies with MarketBeat.com's FREE daily email newsletter.