Magna International (NYSE:MGA) Sets New 12-Month Low – Here’s What Happened

Magna International Inc. (NYSE:MGA) (TSE:MG) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $33.28 and last traded at $33.96, with a volume of 110337 shares traded. The stock had previously closed at $34.00.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MGA shares. Wolfe Research upgraded shares of Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. CIBC lowered their price objective on Magna International from $44.00 to $36.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley dropped their price objective on Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. Wells Fargo & Company decreased their target price on Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, December 16th. Finally, Scotiabank dropped their price target on Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magna International has an average rating of “Hold” and a consensus target price of $47.03.

Magna International Price Performance

The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $9.61 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 0.63 and a beta of 1.65. The firm’s 50 day simple moving average is $38.03 and its 200 day simple moving average is $40.88.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 14th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. During the same period in the prior year, the firm posted $1.33 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Magna International Inc. will post 5.87 EPS for the current fiscal year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.485 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.94 dividend on an annualized basis and a yield of 5.69%. Magna International’s dividend payout ratio (DPR) is presently 55.27%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in Magna International by 117,113.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after acquiring an additional 84,322 shares in the last quarter. ARGA Investment Management LP bought a new position in Magna International in the third quarter worth approximately $40,710,000. Public Employees Retirement System of Ohio purchased a new position in Magna International during the 3rd quarter worth $1,040,000. Geode Capital Management LLC raised its position in Magna International by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock valued at $46,799,000 after purchasing an additional 32,000 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Magna International by 1.2% in the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after buying an additional 18,704 shares during the period. 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.