Magna International (NYSE:MGA) Downgraded by StockNews.com to “Hold”

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

MGA has been the topic of several other research reports. BMO Capital Markets decreased their price objective on Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a report on Monday, February 12th. CIBC lowered their price target on Magna International from $63.00 to $61.00 and set a neutral rating for the company in a report on Monday, February 12th. Raymond James cut their price objective on shares of Magna International from $62.00 to $60.00 and set a market perform rating on the stock in a report on Monday, February 12th. Evercore downgraded shares of Magna International from an outperform rating to an in-line rating and lowered their target price for the company from $75.00 to $62.00 in a report on Monday. Finally, Wells Fargo & Company dropped their price target on shares of Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research report on Monday, February 12th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $62.93.

Magna International Price Performance

MGA stock opened at $48.76 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The stock’s 50 day moving average price is $53.78 and its 200 day moving average price is $54.36. The firm has a market cap of $14.01 billion, a P/E ratio of 11.55, a PEG ratio of 0.50 and a beta of 1.69. Magna International has a 1 year low of $46.71 and a 1 year high of $65.27.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). The firm had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. On average, sell-side analysts expect that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.475 dividend. This is an increase from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, February 22nd. This represents a $1.90 annualized dividend and a yield of 3.90%. Magna International’s dividend payout ratio (DPR) is 45.02%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Rhumbline Advisers boosted its holdings in Magna International by 5.0% in the third quarter. Rhumbline Advisers now owns 4,773 shares of the company’s stock worth $256,000 after purchasing an additional 226 shares during the period. S.A. Mason LLC boosted its holdings in shares of Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after buying an additional 229 shares during the period. Van ECK Associates Corp grew its position in shares of Magna International by 9.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after buying an additional 312 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in Magna International during the third quarter worth about $26,000. Finally, Sunbelt Securities Inc. lifted its holdings in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

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.