Magna International (NYSE:MGA) Price Target Raised to $71.00

Magna International (NYSE:MGA) (TSE:MG) had its price target increased by JPMorgan Chase & Co. from $69.00 to $71.00 in a report published on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

MGA has been the subject of several other reports. StockNews.com cut shares of Magna International from a buy rating to a hold rating in a report on Tuesday, April 16th. Royal Bank of Canada decreased their price objective on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a report on Monday, February 12th. Barclays decreased their price objective on shares of Magna International from $63.00 to $62.00 and set an equal weight rating for the company in a report on Thursday, April 11th. CIBC reduced their target price on shares of Magna International from $61.00 to $59.00 and set a neutral rating for the company in a report on Friday, April 19th. Finally, Wells Fargo & Company reduced their target price on shares of Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a report on Monday, February 12th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $62.50.

Magna International Price Performance

Shares of NYSE:MGA opened at $49.20 on Monday. The firm’s 50 day moving average is $53.01 and its two-hundred day moving average is $54.22. Magna International has a 52 week low of $46.71 and a 52 week high of $65.27. The firm has a market capitalization of $14.13 billion, a P/E ratio of 11.65, a PEG ratio of 0.50 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). The company had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The company’s revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. Analysts anticipate that Magna International will post 6.11 earnings per share for the current year.

Magna International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Magna International’s previous quarterly dividend of $0.46. Magna International’s dividend payout ratio is 45.02%.

Institutional Investors Weigh In On Magna International

Several hedge funds have recently made changes to their positions in MGA. SG Americas Securities LLC lifted its position in Magna International by 15.3% in the 3rd quarter. SG Americas Securities LLC now owns 33,392 shares of the company’s stock worth $1,885,000 after buying an additional 4,428 shares in the last quarter. Manning & Napier Group LLC lifted its position in Magna International by 1.6% in the 3rd quarter. Manning & Napier Group LLC now owns 42,789 shares of the company’s stock worth $2,294,000 after buying an additional 654 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Magna International by 18.5% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after buying an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC lifted its position in Magna International by 9.2% in the 3rd quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock worth $1,909,000 after buying an additional 2,997 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. lifted its position in Magna International by 2.2% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock worth $3,699,000 after buying an additional 1,449 shares in the last quarter. Hedge funds and other institutional investors 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.