Scotiabank Cuts Magna International (NYSE:MGA) Price Target to $45.00

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by Scotiabank from $49.00 to $45.00 in a research report released on Tuesday,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research analysts also recently weighed in on the company. Royal Bank of Canada upgraded Magna International from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $41.00 to $52.00 in a research note on Friday, January 24th. Barclays dropped their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday. CIBC upped their price target on Magna International from $46.00 to $51.00 in a research note on Monday, January 13th. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Finally, UBS Group dropped their price target on Magna International from $44.00 to $41.00 and set a “neutral” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $48.88.

Magna International Trading Up 1.5 %

Shares of NYSE:MGA opened at $38.72 on Tuesday. The stock has a 50 day moving average of $40.57 and a 200 day moving average of $41.55. The company has a market cap of $10.92 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 0.60 and a beta of 1.61. 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 12-month low of $35.05 and a 12-month 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.23. The company had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. Magna International had a return on equity of 12.71% and a net margin of 2.36%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 EPS. As a group, equities research analysts expect that Magna International will post 6.04 EPS for the current year.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 5.01%. The ex-dividend date is Friday, February 28th. This is a positive change from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio is presently 55.27%.

Institutional Trading of Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its holdings in Magna International by 99.3% during the 4th 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 Magna International by 19.9% in the fourth quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock worth $2,041,000 after purchasing an additional 8,100 shares during the period. LRI Investments LLC increased its stake in Magna International by 2,126.5% in the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares during the period. Ameriprise Financial Inc. increased its stake in Magna International by 9.0% in the fourth quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock worth $2,010,000 after purchasing an additional 3,956 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Magna International by 52.3% in the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after purchasing an additional 822,375 shares during the period. 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.