Magna International (NYSE:MGA) Stock Gets Price Target Reduction from Royal Bank Of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price objective decreased by Royal Bank Of Canada from $68.00 to $66.00 in a report issued on Monday, Marketbeat.com reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

MGA has been the subject of a number of other reports. JPMorgan Chase & Co. cut Magna International from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $77.00 to $72.00 in a research note on Tuesday, September 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Magna International in a research note on Tuesday, October 27th. Wall Street Zen lowered shares of Magna International from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Scotiabank boosted their price objective on shares of Magna International from $74.00 to $78.00 and gave the company a “sector outperform” rating in a report on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce cut shares of Magna International from an “outperformer” rating to a “hold” rating and decreased their price objective for the company from $78.00 to $70.00 in a report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.73.

Magna International Stock Up 4.3%

Shares of Magna International stock opened at $65.65 on Monday. The business has a fifty day simple moving average of $64.78 and a 200 day simple moving average of $62.78. The stock has a market cap of $17.04 billion, a PE ratio of 8.69, a price-to-earnings-growth ratio of 0.67 and a beta of 1.46. The company has a quick ratio of 0.88, a current ratio of 1.14 and a debt-to-equity ratio of 0.33. Magna International has a 12 month low of $45.33 and a 12 month high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, October 30th. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.25. Magna International had a return on equity of 16.26% and a net margin of 1.99%. The firm had revenue of $9.86 billion for the quarter, compared to analyst estimates of $10.01 billion. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. Research analysts predict that Magna International will post 7.07 EPS for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be paid a $0.4950 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.98 dividend on an annualized basis and a yield of 3.0%. Magna International’s payout ratio is presently 63.46%.

Hedge Funds Weigh In On Magna International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. D Orazio & Associates Inc. boosted its stake in shares of Magna International by 6.7% during the 3rd quarter. D Orazio & Associates Inc. now owns 8,666 shares of the company’s stock worth $552,000 after buying an additional 544 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in shares of Magna International in the third quarter valued at about $1,360,000. Candriam S.C.A. increased its position in shares of Magna International by 0.8% in the third quarter. Candriam S.C.A. now owns 269,045 shares of the company’s stock valued at $17,243,000 after acquiring an additional 2,138 shares during the last quarter. Ethic Inc. increased its position in shares of Magna International by 246.9% in the third quarter. Ethic Inc. now owns 12,898 shares of the company’s stock valued at $821,000 after acquiring an additional 9,180 shares during the last quarter. Finally, Ascent Group LLC raised its holdings in Magna International by 16.5% during the third quarter. Ascent Group LLC now owns 4,409 shares of the company’s stock worth $281,000 after acquiring an additional 624 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.