Magna International (NYSE:MGA) Price Target Raised to $71.00

Magna International (NYSE:MGA) (TSE:MG) had its target price boosted by JPMorgan Chase & Co. from $69.00 to $71.00 in a research note issued to investors on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on MGA. Citigroup lowered their price objective on Magna International from $60.00 to $57.00 and set a neutral rating for the company in a research note on Monday, February 12th. StockNews.com lowered Magna International from a buy rating to a hold rating in a research note on Tuesday, April 16th. Evercore lowered Magna International from an outperform rating to an in-line rating and lowered their price objective for the company from $75.00 to $62.00 in a research note on Monday, April 15th. Wells Fargo & Company lowered their price objective on Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research note on Monday, February 12th. Finally, UBS Group raised their price objective on Magna International from $59.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday, January 17th. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $62.50.

Magna International Price Performance

Shares of Magna International stock opened at $49.20 on Monday. The stock has a 50 day moving average of $53.01 and a 200 day moving average of $54.22. Magna International has a 12 month low of $46.71 and a 12 month high of $65.27. The firm has a market cap of $14.13 billion, a PE ratio of 11.65, a PEG ratio of 0.50 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly 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 13.15%. The firm had revenue of $10.45 billion for the quarter, compared to the consensus estimate of $10.44 billion. During the same period in the previous year, the company posted $0.91 earnings per share. Magna International’s quarterly revenue was up 9.3% on a year-over-year basis. On average, research analysts expect that Magna International will post 6.11 EPS for the current fiscal year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.475 per share. This is an increase from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, February 22nd. Magna International’s dividend payout ratio (DPR) is presently 45.02%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MGA. Pzena Investment Management LLC increased its holdings in Magna International by 58.2% during the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the period. Toronto Dominion Bank increased its holdings in Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after purchasing an additional 147,950 shares during the period. QV Investors Inc. increased its holdings in shares of Magna International by 20.7% in the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock valued at $39,202,000 after acquiring an additional 113,332 shares during the period. Finally, Azimuth Capital Investment Management LLC increased its holdings in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after acquiring an additional 53,695 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.