BMO Capital Markets Lowers Magna International (NYSE:MGA) Price Target to $55.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective trimmed by BMO Capital Markets from $60.00 to $55.00 in a research note issued to investors on Monday, BayStreet.CA reports. The firm currently has an outperform rating on the stock.

MGA has been the subject of several other reports. UBS Group dropped their price objective on Magna International from $51.00 to $46.00 and set a neutral rating for the company in a research note on Wednesday, July 10th. Scotiabank dropped their price objective on Magna International from $59.00 to $55.00 and set a sector perform rating for the company in a research note on Monday, May 6th. BNP Paribas upgraded Magna International from a neutral rating to an outperform rating in a research note on Monday, July 1st. Raymond James lowered their target price on Magna International from $60.00 to $57.00 and set a market perform rating for the company in a research note on Monday, May 6th. Finally, Evercore ISI lowered their target price on Magna International from $60.00 to $50.00 and set an in-line rating for the company in a research note on Monday, July 15th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $54.00.

Magna International Stock Performance

Magna International stock opened at $43.22 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.09 and a quick ratio of 0.76. The stock has a fifty day moving average price of $43.87 and a two-hundred day moving average price of $49.80. Magna International has a 52-week low of $40.83 and a 52-week high of $65.27. The firm has a market capitalization of $12.42 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.59 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.97 billion. During the same quarter in the prior year, the company earned $1.11 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts anticipate that Magna International will post 5.77 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.40%. The ex-dividend date was Thursday, May 16th. Magna International’s dividend payout ratio is 53.98%.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after buying an additional 2,727 shares during the last quarter. QV Investors Inc. boosted its holdings in Magna International by 1.0% during the first quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock worth $36,378,000 after buying an additional 6,895 shares during the last quarter. Azimuth Capital Investment Management LLC boosted its holdings in Magna International by 39.4% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after buying an additional 53,695 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Magna International by 5.8% during the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock worth $8,573,000 after buying an additional 8,680 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

About Magna International

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.