Magna International (NYSE:MGA) Reaches New 52-Week High – Still a Buy?

Shares of Magna International Inc. (NYSE:MGA) (TSE:MG) hit a new 52-week high on Tuesday . The company traded as high as $52.59 and last traded at $52.3510, with a volume of 1026830 shares. The stock had previously closed at $51.86.

Analysts Set New Price Targets

A number of research firms have commented on MGA. TD Securities raised their target price on Magna International from $57.00 to $58.00 and gave the company a “buy” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. upped their price target on shares of Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. UBS Group raised their price objective on shares of Magna International from $46.00 to $49.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Scotiabank boosted their price objective on shares of Magna International from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a research report on Sunday, November 9th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.33.

Magna International Stock Up 1.6%

The firm has a market capitalization of $15.07 billion, a PE ratio of 14.64 and a beta of 1.53. The firm’s 50-day moving average is $48.08 and its 200 day moving average is $44.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, October 31st. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.09. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The company had revenue of $10.50 billion during the quarter, compared to analysts’ expectations of $10.03 billion. During the same quarter in the previous year, the business posted $1.28 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, research analysts forecast that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, November 14th. Magna International’s payout ratio is currently 53.01%.

Hedge Funds Weigh In On Magna International

Hedge funds have recently bought and sold shares of the stock. Community Bank N.A. purchased a new stake in shares of Magna International in the third quarter valued at $29,000. LRI Investments LLC acquired a new position in Magna International in the 2nd quarter valued at about $27,000. Farther Finance Advisors LLC raised its stake in Magna International by 385.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock valued at $55,000 after purchasing an additional 1,136 shares during the last quarter. Danske Bank A S purchased a new position in Magna International in the 3rd quarter valued at about $112,000. Finally, Parallel Advisors LLC boosted its stake in shares of Magna International by 115.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,498 shares of the company’s stock worth $96,000 after purchasing an additional 1,338 shares during the last quarter. Hedge funds and other 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.