CIBC Cuts Magna International (NYSE:MGA) Price Target to $36.50

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by CIBC from $44.00 to $36.50 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently weighed in on the company. Bank of America cut Magna International from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $48.00 in a report on Tuesday. The Goldman Sachs Group cut Magna International from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $42.00 to $41.00 in a report on Wednesday, December 11th. Barclays lowered their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. Evercore ISI lowered their price target on Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a report on Tuesday, February 18th. Finally, Scotiabank lowered their price target on Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $47.03.

Magna International Price Performance

Shares of NYSE MGA opened at $38.06 on Wednesday. The stock has a market capitalization of $10.74 billion, a PE ratio of 10.84, a P/E/G ratio of 0.63 and a beta of 1.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. The business has a fifty day moving average price of $39.45 and a two-hundred day moving average price of $41.39. Magna International has a fifty-two week low of $33.30 and a fifty-two week high of $56.12.

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

Magna International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.485 dividend. The ex-dividend date is Friday, February 28th. This is an increase from Magna International’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 5.10%. Magna International’s dividend payout ratio (DPR) is currently 55.27%.

Institutional Investors Weigh In On Magna International

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its stake in shares of Magna International by 99.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company’s stock valued at $2,108,000 after buying an additional 25,142 shares during the period. Systematic Financial Management LP increased its stake in shares of Magna International by 19.9% in the fourth quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock valued at $2,041,000 after buying an additional 8,100 shares during the period. LRI Investments LLC increased its stake in shares of Magna International by 2,126.5% in the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock valued at $32,000 after buying an additional 723 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Magna International by 9.0% in the fourth quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock valued at $2,010,000 after buying an additional 3,956 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Magna International by 52.3% in the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after buying an additional 822,375 shares during the period. Institutional investors and hedge funds 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.