Royal Bank of Canada Cuts Magna International (NYSE:MGA) Price Target to $51.00

Magna International (NYSE:MGA) (TSE:MG) had its target price trimmed by Royal Bank of Canada from $52.00 to $51.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts also recently issued reports about the company. TD Securities cut their price target on Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Tuesday. Scotiabank cut their price target on Magna International from $49.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Tuesday. StockNews.com raised Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and cut their price target for the stock from $42.00 to $41.00 in a research report on Wednesday, December 11th. Finally, CIBC increased their price target on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.88.

Magna International Price Performance

NYSE MGA opened at $38.72 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77. The stock’s fifty day moving average price is $40.57 and its 200 day moving average price is $41.55. Magna International has a 1 year low of $35.05 and a 1 year high of $56.12. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 0.60 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. Magna International had a return on equity of 12.71% and a net margin of 2.36%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. As a group, equities research analysts forecast that Magna International will post 6.04 earnings per share for the current year.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, February 28th. This is a positive change from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a yield of 5.01%. Magna International’s dividend payout ratio (DPR) is currently 55.27%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank lifted its stake in Magna International by 1.2% in the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after buying an additional 18,704 shares in the last quarter. Quantbot Technologies LP lifted its stake in Magna International by 12.5% in the 3rd quarter. Quantbot Technologies LP now owns 149,327 shares of the company’s stock valued at $6,128,000 after buying an additional 16,639 shares in the last quarter. DGS Capital Management LLC lifted its stake in Magna International by 111.0% in the 4th quarter. DGS Capital Management LLC now owns 21,048 shares of the company’s stock valued at $880,000 after buying an additional 11,072 shares in the last quarter. Geode Capital Management LLC lifted its stake in Magna International by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock valued at $46,799,000 after buying an additional 32,000 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in Magna International by 37.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock valued at $46,000 after acquiring an additional 301 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.