Magna International (NYSE:MGA) Price Target Cut to $47.00 by Analysts at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by Royal Bank of Canada from $57.00 to $47.00 in a research note released on Tuesday, MarketBeat Ratings reports. They currently have a sector perform rating on the stock.

Other equities analysts also recently issued reports about the stock. Bank of America cut their price objective on shares of Magna International from $65.00 to $62.00 and set a buy rating on the stock in a report on Monday, July 22nd. BNP Paribas raised shares of Magna International from a neutral rating to an outperform rating in a report on Monday, July 1st. TD Securities cut their price objective on shares of Magna International from $57.00 to $53.00 and set a buy rating on the stock in a report on Tuesday, August 6th. CIBC cut their price objective on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. Finally, Evercore cut their price objective on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $51.35.

Magna International Stock Performance

Shares of MGA stock opened at $39.63 on Tuesday. The firm has a market capitalization of $11.39 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 0.59 and a beta of 1.59. The firm has a fifty day simple moving average of $42.56 and a two-hundred day simple moving average of $48.33. The company has a current ratio of 1.09, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The business had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 EPS. Analysts forecast that Magna International will post 5.68 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Friday, August 16th. Magna International’s dividend payout ratio is presently 53.98%.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of MGA. EverSource Wealth Advisors LLC grew its position in Magna International by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock valued at $72,000 after acquiring an additional 319 shares during the last quarter. UMB Bank n.a. grew its position in Magna International by 13.0% during the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock valued at $165,000 after acquiring an additional 350 shares during the last quarter. Van ECK Associates Corp grew its position in Magna International by 11.7% during the fourth quarter. Van ECK Associates Corp now owns 3,995 shares of the company’s stock valued at $236,000 after acquiring an additional 419 shares during the last quarter. Sunbelt Securities Inc. grew its position in Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares during the last quarter. Finally, LRI Investments LLC bought a new position in Magna International during the first quarter valued at approximately $36,000. 67.49% of the stock is currently owned by 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.