Magna International (NYSE:MGA) Upgraded by StockNews.com to Buy Rating

by · The Markets Daily

StockNews.com upgraded shares of Magna International (NYSE:MGA – Free Report) (TSE:MG) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

Several other equities analysts also recently commented on MGA. Evercore lowered their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. Bank of America decreased their target price on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Citigroup dropped their price target on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. TD Securities decreased their price objective on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $49.76.

Check Out Our Latest Stock Report on MGA

Magna International Price Performance

Shares of NYSE:MGA opened at $42.14 on Monday. The firm has a market cap of $12.11 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 0.67 and a beta of 1.59. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $41.33 and a 200 day simple moving average of $43.07.

Magna International (NYSE:MGA – Get Free Report) (TSE:MG) last posted its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The firm had revenue of $10.28 billion for the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a return on equity of 12.03% and a net margin of 2.52%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period last year, the business earned $1.46 earnings per share. As a group, sell-side analysts predict that Magna International will post 5.4 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s dividend payout ratio is currently 50.80%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MGA. JARISLOWSKY FRASER Ltd boosted its stake in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after acquiring an additional 395,745 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after buying an additional 30,361 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after acquiring an additional 289,105 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Magna International by 11.4% in the third quarter. Janney Montgomery Scott LLC now owns 210,632 shares of the company’s stock valued at $8,644,000 after acquiring an additional 21,532 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after acquiring an additional 93,637 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

(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.

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