Magna International Inc. (NYSE:MGA) (TSE:MG) declared a quarterly dividend on Thursday, February 22nd, RTT News reports. Stockholders of record on Friday, March 9th will be given a dividend of 0.33 per share on Friday, March 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Thursday, March 8th. This is a boost from Magna International’s previous quarterly dividend of $0.28.
Magna International has increased its dividend by an average of 13.1% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Magna International has a payout ratio of 18.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Magna International to earn $7.28 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 15.1%.
Magna International (NYSE MGA) traded up $0.06 during trading on Wednesday, hitting $53.21. 146,303 shares of the stock were exchanged, compared to its average volume of 1,330,613. Magna International has a one year low of $39.50 and a one year high of $59.99. The firm has a market cap of $19,116.84, a P/E ratio of 9.01, a price-to-earnings-growth ratio of 0.94 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.22.
MGA has been the subject of several recent analyst reports. Macquarie reiterated an “outperform” rating and issued a $72.00 target price (up from $59.00) on shares of Magna International in a research note on Tuesday, January 9th. Raymond James Financial raised their target price on shares of Magna International from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, January 11th. Wells Fargo & Co upgraded shares of Magna International from a “market perform” rating to an “outperform” rating in a research note on Friday, January 12th. KeyCorp reiterated a “buy” rating on shares of Magna International in a research note on Wednesday, January 17th. Finally, Scotiabank raised their target price on shares of Magna International from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $63.08.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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