Magna International (NYSE:MGA) Price Target Cut to $52.00

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by TD Securities from $53.00 to $52.00 in a research note issued to investors on Monday morning, BayStreet.CA reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on MGA. CIBC dropped their price target on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a research note on Tuesday, August 6th. Evercore dropped their price target on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a research note on Monday, July 15th. UBS Group dropped their price target on shares of Magna International from $51.00 to $46.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Royal Bank of Canada dropped their price target on shares of Magna International from $57.00 to $47.00 and set a sector perform rating on the stock in a research note on Tuesday, August 13th. Finally, Scotiabank dropped their price target on shares of Magna International from $52.00 to $50.00 and set a sector perform rating on the stock in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Magna International presently has an average rating of Hold and an average price target of $49.94.

Magna International Price Performance

Shares of NYSE:MGA opened at $40.38 on Monday. The company’s fifty day moving average is $41.05 and its two-hundred day moving average is $44.83. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The company has a market cap of $11.60 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a net margin of 2.29% and a return on equity of 12.53%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the firm earned $1.50 earnings per share. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. Equities analysts expect that Magna International will post 5.5 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date was Friday, August 16th. Magna International’s dividend payout ratio (DPR) is 53.98%.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd grew its position in Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares in the last quarter. Toronto Dominion Bank grew its position in Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after buying an additional 30,361 shares in the last quarter. Russell Investments Group Ltd. grew its position in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares in the last quarter. Azimuth Capital Investment Management LLC grew its position in Magna International by 39.4% during the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after buying an additional 53,695 shares in the last quarter. Finally, Millennium Management LLC grew its position in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares in the last quarter. 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.