Magna International (NYSE:MGA) Sets New 12-Month Low – Here’s What Happened

Shares of Magna International Inc. (NYSE:MGA) (TSE:MG) hit a new 52-week low on Monday . The company traded as low as $30.71 and last traded at $31.06, with a volume of 97738 shares changing hands. The stock had previously closed at $32.47.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Morgan Stanley lowered their price target on Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. Barclays lowered their target price on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. TD Securities reduced their price target on shares of Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Wells Fargo & Company lowered their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. Finally, Bank of America lowered shares of Magna International from a “buy” rating to a “neutral” rating and cut their target price for the company from $52.00 to $48.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $47.03.

Magna International Price Performance

The company has a fifty day simple moving average of $37.34 and a 200 day simple moving average of $40.65. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of 8.93, a P/E/G ratio of 0.63 and a beta of 1.56. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 14th. The company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. The company had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 earnings per share. Equities research analysts forecast that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.485 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, February 28th. This represents a $1.94 annualized dividend and a yield of 6.21%. Magna International’s payout ratio is presently 55.27%.

Institutional Trading of Magna International

A number of large investors have recently bought and sold shares of MGA. ARGA Investment Management LP boosted its position in shares of Magna International by 158.1% during the 4th quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock valued at $107,049,000 after purchasing an additional 1,568,953 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Magna International by 52.3% in the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after buying an additional 822,375 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after buying an additional 18,704 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Magna International by 32.2% during the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock worth $63,280,000 after buying an additional 371,437 shares during the period. Finally, Mufg Securities Canada LTD. increased its stake in shares of Magna International by 72.1% in the 4th quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock valued at $17,228,000 after acquiring an additional 172,754 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.