Magna International PT Raised to $108.00 (MGA)
Analysts at Canaccord Genuity raised their price target on shares of Magna International (NYSE:MGA) from $102.00 to $108.00 in a research report issued to clients and investors on Monday. Canaccord Genuity’s price target would suggest a potential downside of 3.09% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. reiterated a “hold” rating on shares of Magna International in a research note on Tuesday, July 22nd. They now have a $116.00 price target on the stock, up previously from $107.00. Separately, analysts at Scotiabank reiterated a “sector outperform” rating on shares of Magna International in a research note on Thursday, June 26th. Finally, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Magna International in a research note on Tuesday, May 13th. They now have a $107.00 price target on the stock, up previously from $99.00. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $108.89.
Shares of Magna International (NYSE:MGA) traded up 0.26% on Monday, hitting $111.73. The stock had a trading volume of 249,544 shares. Magna International has a 52-week low of $75.45 and a 52-week high of $112.20. The stock’s 50-day moving average is $109.1 and its 200-day moving average is $99.27. The company has a market cap of $24.340 billion and a P/E ratio of 16.03.
Magna International (NYSE:MGA) last posted its quarterly earnings results on Friday, August 8th. The company reported $2.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.22 by $0.10. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, analysts predict that Magna International will post $8.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Shareholders of record on Friday, August 29th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Wednesday, August 27th.
Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.
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