CIBC Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its price target upped by CIBC from $33.00 to $38.00 in a report released on Monday, Marketbeat Ratings reports. The firm currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Veritas raised shares of Magna International to a “hold” rating in a report on Thursday, April 24th. Raymond James dropped their target price on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 18th. TD Securities reduced their price target on Magna International from $47.00 to $44.00 and set a “buy” rating for the company in a report on Monday, April 28th. Bank of America lowered Magna International from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $52.00 to $48.00 in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group reduced their target price on Magna International from $38.00 to $31.00 and set a “sell” rating for the company in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Magna International presently has an average rating of “Hold” and an average target price of $43.06.

Magna International Stock Up 0.6 %

Magna International stock opened at $33.26 on Monday. The company has a market capitalization of $9.37 billion, a P/E ratio of 9.48, a PEG ratio of 0.63 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $48.18. The stock has a 50-day simple moving average of $34.59 and a 200-day simple moving average of $39.27.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The firm had revenue of $9.68 billion during the quarter, compared to analysts’ expectations of $9.66 billion. During the same quarter in the prior year, the firm posted $1.08 EPS. Magna International’s quarterly revenue was down 8.2% compared to the same quarter last year. Equities research analysts expect that Magna International will post 5.87 earnings per share for the current year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be issued a $0.485 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a yield of 5.83%. Magna International’s dividend payout ratio (DPR) is 48.50%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the company. ARGA Investment Management LP boosted its position in Magna International by 158.1% during the fourth quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock worth $107,049,000 after acquiring an additional 1,568,953 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Magna International by 52.3% during the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after purchasing an additional 822,375 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock valued at $63,280,000 after purchasing an additional 371,437 shares during the period. Mufg Securities Canada LTD. increased its stake in Magna International by 72.1% in the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock valued at $17,228,000 after purchasing an additional 172,754 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Magna International by 19.9% during the first quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company’s stock worth $8,560,000 after buying an additional 41,811 shares during the period. 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.