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Investment analysts at CIBC increased their price objective on shares of Magna International (NYSE:MGA) from $115.00 to $120.00 in a note issued to investors on Monday. CIBC’s target price would suggest a potential upside of 7.68% from the company’s current price.

Shares of Magna International (NYSE:MGA) traded up 0.23% during mid-day trading on Monday, hitting $111.70. The stock had a trading volume of 248,644 shares. Magna International has a one year low of $75.45 and a one year 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 $24.333 billion and a price-to-earnings ratio of 16.03.

Magna International (NYSE:MGA) last released its earnings data on Friday, August 8th. The company reported $2.32 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $1.78 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts expect that Magna International will post $8.38 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Friday, September 12th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Wednesday, August 27th.

A number of other firms have also recently commented on MGA. Analysts at Canaccord Genuity raised their price target on shares of Magna International from $102.00 to $108.00 in a research note on Monday. Separately, 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. Finally, analysts at Scotiabank reiterated a “sector outperform” rating on shares of Magna International in a research note on Thursday, June 26th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $108.89.

Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.

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