BMO Capital Markets Cuts Magna International (NYSE:MGA) Price Target to $55.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective decreased by BMO Capital Markets from $60.00 to $55.00 in a research note issued to investors on Monday morning, BayStreet.CA reports. BMO Capital Markets currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Raymond James decreased their target price on shares of Magna International from $60.00 to $57.00 and set a market perform rating on the stock in a research report on Monday, May 6th. Scotiabank reduced their price target on shares of Magna International from $59.00 to $55.00 and set a sector perform rating on the stock in a research report on Monday, May 6th. Wells Fargo & Company reduced their price target on shares of Magna International from $49.00 to $46.00 and set an equal weight rating on the stock in a research report on Tuesday, June 25th. Barclays reduced their price target on shares of Magna International from $60.00 to $55.00 and set an equal weight rating on the stock in a research report on Tuesday, July 16th. Finally, TD Securities reduced their price target on shares of Magna International from $62.00 to $57.00 and set a buy rating on the stock in a research report on Monday, July 15th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Magna International currently has a consensus rating of Hold and an average price target of $54.00.

Magna International Price Performance

MGA opened at $43.22 on Monday. The company’s 50 day simple moving average is $43.87 and its 200 day simple moving average is $49.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. Magna International has a 1 year low of $40.83 and a 1 year high of $65.27. The stock has a market capitalization of $12.42 billion, a PE ratio of 12.28, a P/E/G ratio of 0.59 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). Magna International had a return on equity of 12.96% and a net margin of 2.35%. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same period in the prior year, the business posted $1.11 earnings per share. Magna International’s revenue was up 2.8% on a year-over-year basis. As a group, sell-side analysts expect that Magna International will post 5.77 EPS for the current year.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were paid a $0.475 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.40%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in shares of Magna International by 35.5% in 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 during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after purchasing an additional 2,727 shares during the last quarter. QV Investors Inc. increased its stake in Magna International by 1.0% during the first quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after purchasing an additional 6,895 shares during the last quarter. Azimuth Capital Investment Management LLC increased its stake 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 valued at $11,214,000 after purchasing an additional 53,695 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Magna International by 5.8% during the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after purchasing an additional 8,680 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

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.