Scotiabank Cuts Magna International (NYSE:MGA) Price Target to $38.00

Magna International (NYSE:MGA) (TSE:MG) had its target price trimmed by Scotiabank from $45.00 to $38.00 in a research report released on Tuesday morning,BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

Several other research analysts have also recently commented on MGA. Royal Bank of Canada cut Magna International from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $51.00 to $32.00 in a research note on Friday, April 11th. Barclays cut their target price on shares of Magna International from $47.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 15th. Veritas upgraded shares of Magna International to a “hold” rating in a research note on Thursday, April 24th. Evercore ISI dropped their price objective on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a research report on Tuesday, February 18th. Finally, Morgan Stanley decreased their price objective on shares of Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $43.74.

Magna International Trading Up 0.8 %

MGA opened at $35.04 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. The firm has a market cap of $9.87 billion, a P/E ratio of 9.98, a P/E/G ratio of 0.63 and a beta of 1.56. Magna International has a 52 week low of $30.39 and a 52 week high of $48.64. The business has a fifty day simple moving average of $34.79 and a 200-day simple moving average of $39.43.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities analysts expect that Magna International will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.485 dividend. The ex-dividend date was Friday, February 28th. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.54%. Magna International’s payout ratio is 55.27%.

Institutional Investors Weigh In On Magna International

A number of hedge funds and other institutional investors have recently bought and sold shares of MGA. 1620 Investment Advisors Inc. grew its position in Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after buying an additional 276 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Magna International by 37.2% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after acquiring an additional 301 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Magna International by 43.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after acquiring an additional 312 shares during the period. Cromwell Holdings LLC raised its holdings in Magna International by 131.6% during the first quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock worth $28,000 after purchasing an additional 466 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Company Profile

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.