Scotiabank Cuts Magna International (NYSE:MGA) Price Target to $49.00

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by Scotiabank from $52.00 to $49.00 in a research report report published on Monday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

MGA has been the subject of a number of other reports. Wells Fargo & Company decreased their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, December 16th. Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a report on Monday, November 4th. CIBC lifted their price target on shares of Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. Finally, The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magna International has a consensus rating of “Hold” and an average target price of $50.24.

Magna International Stock Down 0.1 %

MGA stock opened at $41.06 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average of $42.66 and a 200 day moving average of $42.11. Magna International has a twelve month low of $38.01 and a twelve month high of $59.37. The firm has a market cap of $11.61 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 0.63 and a beta of 1.62.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same period in the prior year, the firm earned $1.46 EPS. Magna International’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, research analysts forecast that Magna International will post 5.22 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.475 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.63%. Magna International’s dividend payout ratio (DPR) is presently 50.80%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Millennium Management LLC lifted its position in shares of Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after acquiring an additional 93,637 shares in the last quarter. Systematic Financial Management LP grew its position in shares of Magna International by 6.0% during the second quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock worth $1,747,000 after purchasing an additional 2,355 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after purchasing an additional 513 shares in the last quarter. SG Americas Securities LLC boosted its stake in Magna International by 11.2% in the 3rd quarter. SG Americas Securities LLC now owns 37,628 shares of the company’s stock worth $1,544,000 after purchasing an additional 3,794 shares during the period. Finally, Tobam grew its holdings in Magna International by 94.3% during the 3rd quarter. Tobam now owns 4,373 shares of the company’s stock valued at $179,000 after buying an additional 2,122 shares in 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.