Magna International (NYSE:MGA) Downgraded by StockNews.com

StockNews.com lowered shares of Magna International (NYSE:MGA) (TSE:MG) from a buy rating to a hold rating in a research report report published on Tuesday morning.

A number of other equities analysts have also recently issued reports on MGA. Evercore cut Magna International from an outperform rating to an in-line rating and dropped their price objective for the company from $75.00 to $62.00 in a report on Monday. Scotiabank dropped their price objective on Magna International from $62.00 to $59.00 and set a sector perform rating for the company in a report on Monday, February 12th. Citigroup lowered their target price on Magna International from $60.00 to $57.00 and set a neutral rating for the company in a report on Monday, February 12th. Raymond James lowered their target price on Magna International from $62.00 to $60.00 and set a market perform rating for the company in a report on Monday, February 12th. Finally, Barclays lowered their target price on Magna International from $63.00 to $62.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Magna International currently has an average rating of Hold and an average price target of $62.93.

Magna International Price Performance

MGA opened at $47.86 on Tuesday. The business has a fifty day moving average of $53.35 and a 200 day moving average of $54.27. Magna International has a 52-week low of $46.71 and a 52-week high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The stock has a market cap of $13.75 billion, a P/E ratio of 11.34, a PEG ratio of 0.48 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share (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 business had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. Magna International’s revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magna International will post 6.11 EPS for the current year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.475 per share. This is a boost from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, February 22nd. Magna International’s dividend payout ratio is 45.02%.

Institutional Investors Weigh In On Magna International

Hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC purchased a new stake in shares of Magna International during the 3rd quarter worth $26,000. Sunbelt Securities Inc. lifted its stake in shares of Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in Magna International by 332.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares in the last quarter. Resources Management Corp CT ADV increased its position in Magna International by 323.5% during the 2nd 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 in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in Magna International during the 1st quarter valued at about $49,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

About Magna International

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.