Magna International’s Neutral Rating Reaffirmed at Zacks (MGA)
Magna International (NYSE:MGA)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Monday. They currently have a $117.00 price target on the stock. Zacks‘s price objective would suggest a potential upside of 4.99% from the stock’s previous close.
Zacks’ analyst wrote, “Magna International posted adjusted earnings per share of $2.37 for the second quarter of 2014, which surpassed the Zacks Consensus Estimate of $2.22. Revenues went up 5.6% to $9.46 billion, beating the Zacks Consensus Estimate of $9.37 billion. For 2014, Magna International increased the revenues guidance to $35.6-$37.3 billion. The stringent regulatory requirements are expected to boost sales in the future. The company maintains a strong cash position, which facilitates regular capital deployment. However, dependence on few customers and uncertainty in the European automotive industry are some headwinds. Thus we are maintaining a Neutral recommendation on Magna International.”
A number of other firms have also recently commented on MGA. Analysts at JPMorgan Chase & Co. raised their price target on shares of Magna International from $116.00 to $120.00 in a research note on Monday. They now have a “neutral” rating on the stock. Separately, analysts at CIBC raised their price target on shares of Magna International from $115.00 to $120.00 in a research note on Monday. Finally, 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. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Magna International has a consensus rating of “Hold” and an average price target of $109.52.
Shares of Magna International (NYSE:MGA) traded up 0.06% on Monday, hitting $111.51. The stock had a trading volume of 323,629 shares. Magna International has a 1-year low of $75.45 and a 1-year high of $112.20. The stock has a 50-day moving average of $109.1 and a 200-day moving average of $99.27. The company has a market cap of $24.292 billion and a price-to-earnings ratio of 16.03.
Magna International (NYSE:MGA) last announced its 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. Stockholders 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 is Wednesday, August 27th.
Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.
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