Magna International (NYSE:MGA) Stock Price Expected to Rise, CIBC Analyst Says

Magna International (NYSE:MGA) (TSE:MG) had its price target lifted by CIBC from $46.00 to $51.00 in a report published on Monday morning,BayStreet.CA reports.

MGA has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on 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. Royal Bank of Canada reduced their price objective on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday, November 4th. Morgan Stanley cut shares of Magna International from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $55.00 to $43.00 in a research note on Wednesday, September 25th. UBS Group raised their price target on shares of Magna International from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Finally, The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $49.88.

Magna International Stock Up 1.4 %

MGA opened at $40.99 on Monday. The business has a 50 day moving average of $43.24 and a 200-day moving average of $42.27. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 0.62 and a beta of 1.62. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Magna International has a 1-year low of $38.01 and a 1-year high of $59.37.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. During the same period last year, the company earned $1.46 earnings per share. Magna International’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Magna International will post 5.22 earnings per share for the current year.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.475 per share. The ex-dividend date was Friday, November 15th. This represents a $1.90 annualized dividend and a yield of 4.64%. Magna International’s dividend payout ratio (DPR) is 50.80%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the stock. Forsta AP Fonden increased its holdings in shares of Magna International by 8.2% in the second quarter. Forsta AP Fonden now owns 70,100 shares of the company’s stock valued at $2,938,000 after purchasing an additional 5,300 shares in the last quarter. Quantbot Technologies LP lifted its stake in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after acquiring an additional 114,160 shares during the period. Sienna Gestion lifted its stake in shares of Magna International by 13.0% during the second quarter. Sienna Gestion now owns 6,091 shares of the company’s stock valued at $255,000 after acquiring an additional 700 shares during the period. JARISLOWSKY FRASER Ltd boosted its holdings in Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after acquiring an additional 395,745 shares during the last quarter. Finally, Boston Research & Management Inc. increased its position in Magna International by 18.5% in the second quarter. Boston Research & Management Inc. now owns 66,360 shares of the company’s stock worth $2,780,000 after purchasing an additional 10,345 shares during the period. 67.49% of the stock is 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.