Magna International (MGA) Raises Dividend to $0.33 Per Share

Magna International (NYSE:MGA) (TSE:MG) announced a quarterly dividend on Thursday, February 22nd, RTT News reports. Investors of record on Friday, March 9th will be paid a dividend of 0.33 per share on Friday, March 23rd. This represents a $1.32 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Thursday, March 8th. This is an increase from Magna International’s previous quarterly dividend of $0.28.

Magna International has raised its dividend by an average of 13.1% per year over the last three years and has increased its dividend every year for the last 6 years. Magna International has a payout ratio of 18.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Magna International to earn $7.34 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 15.0%.

NYSE:MGA traded up $1.94 during trading hours on Thursday, reaching $56.35. 1,075,167 shares of the company were exchanged, compared to its average volume of 1,374,803. The company has a market capitalization of $19,604.26, a P/E ratio of 9.55, a P/E/G ratio of 0.96 and a beta of 1.43. Magna International has a 1-year low of $39.50 and a 1-year high of $59.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.22 and a quick ratio of 0.86.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $1.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.58 by ($0.01). The company had revenue of $10.39 billion for the quarter, compared to analyst estimates of $10.11 billion. Magna International had a return on equity of 19.61% and a net margin of 5.66%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.31 EPS. sell-side analysts anticipate that Magna International will post 6.68 EPS for the current fiscal year.

MGA has been the topic of a number of analyst reports. Wells Fargo raised Magna International from a “market perform” rating to an “outperform” rating in a research report on Friday, January 12th. ValuEngine raised Magna International from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Macquarie reaffirmed an “outperform” rating and issued a $72.00 target price (up previously from $59.00) on shares of Magna International in a report on Tuesday, January 9th. TD Securities downgraded Magna International from a “buy” rating to a “hold” rating and raised their target price for the company from $62.00 to $65.00 in a report on Friday, January 19th. Finally, Scotiabank raised their target price on Magna International from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $63.29.

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Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

Dividend History for Magna International (NYSE:MGA)

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