Credit Suisse Initiates Coverage on Magna International (MGA)
Equities research analysts at Credit Suisse began coverage on shares of Magna International (NYSE:MGA) in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating on the stock.
Shares of Magna International (NYSE:MGA) traded up 0.62% on Wednesday, hitting $111.62. The stock had a trading volume of 312,213 shares. Magna International has a 52 week low of $75.45 and a 52 week high of $112.85. The stock’s 50-day moving average is $109.3 and its 200-day moving average is $99.78. The company has a market cap of $23.697 billion and a P/E ratio of 14.83.
Magna International (NYSE:MGA) last issued its quarterly 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. On average, analysts predict that Magna International will post $8.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 12th. Shareholders 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 1.37%. The ex-dividend date is Wednesday, August 27th.
A number of other analysts have also recently weighed in on MGA. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Magna International in a research note on Tuesday. They now have a $120.00 price target on the stock, up previously from $107.00. Separately, analysts at KeyCorp reiterated a “buy” rating on shares of Magna International in a research note on Monday. They now have a $130.00 price target on the stock, up previously from $115.00. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Magna International in a research note on Monday. They now have a $102.00 price target on the stock, up previously from $98.00. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $112.15.
Magna International Inc (NYSE:MGA) is a diversified global automotive supplier.
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