Scotiabank Lowers Magna International (NYSE:MGA) Price Target to $59.00

Magna International (NYSE:MGAFree Report) (TSE:MG) had its price objective decreased by Scotiabank from $62.00 to $59.00 in a research note issued to investors on Monday morning, MarketBeat reports. Scotiabank currently has a sector perform rating on the stock.

A number of other research analysts also recently issued reports on MGA. BMO Capital Markets cut their price objective on shares of Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a research report on Monday. Citigroup lifted their price objective on shares of Magna International from $58.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, November 29th. Royal Bank of Canada cut their price objective on shares of Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday. UBS Group lifted their price objective on shares of Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Magna International from $80.00 to $77.00 and set an overweight rating for the company in a research note on Thursday, January 25th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Magna International currently has a consensus rating of Hold and a consensus price target of $64.00.

Read Our Latest Report on Magna International

Magna International Trading Up 1.7 %

NYSE MGA opened at $55.64 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.75 and a current ratio of 1.11. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71. The company’s 50-day simple moving average is $56.68 and its two-hundred day simple moving average is $55.68. 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 posted 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). Magna International had a net margin of 2.83% and a return on equity of 13.33%. The business had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same period last year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. Equities analysts forecast that Magna International will post 6.64 EPS for the current fiscal year.

Magna International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 8th. Shareholders of record on Friday, February 23rd will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.41%. This is a boost from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Thursday, February 22nd. Magna International’s payout ratio is presently 45.02%.

Institutional Trading of Magna International

Institutional investors and hedge funds have recently bought and sold shares of the business. Azimuth Capital Investment Management LLC lifted its stake in Magna International by 29.6% during the 2nd quarter. Azimuth Capital Investment Management LLC now owns 134,322 shares of the company’s stock valued at $7,581,000 after acquiring an additional 30,667 shares during the period. SG Americas Securities LLC increased its holdings in shares of Magna International by 15.3% during the 3rd quarter. SG Americas Securities LLC now owns 33,392 shares of the company’s stock valued at $1,885,000 after purchasing an additional 4,428 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings 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 purchasing an additional 147,950 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Magna International by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock valued at $7,751,000 after purchasing an additional 1,737 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Magna International by 5.7% during the 2nd quarter. Geode Capital Management LLC now owns 956,958 shares of the company’s stock valued at $54,277,000 after purchasing an additional 51,286 shares in the last quarter. 62.21% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

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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.

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Analyst Recommendations for Magna International (NYSE:MGA)

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