Evercore Downgrades Magna International (NYSE:MGA) to In-Line

Evercore downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to an in-line rating in a research report sent to investors on Monday, BayStreet.CA reports. They currently have $62.00 price objective on the stock, down from their prior price objective of $75.00.

MGA has been the topic of several other reports. TD Securities reduced their target price on Magna International from $73.00 to $69.00 and set a buy rating on the stock in a research report on Monday, February 12th. BMO Capital Markets decreased their price target on Magna International from $67.00 to $65.00 and set an outperform rating for the company in a research note on Monday, February 12th. UBS Group increased their price target on Magna International from $59.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday, January 17th. Scotiabank decreased their price target on Magna International from $62.00 to $59.00 and set a sector perform rating for the company in a research note on Monday, February 12th. Finally, Raymond James decreased their price target on Magna International from $62.00 to $60.00 and set a market perform rating for the company in a research note on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $62.93.

Magna International Trading Up 0.0 %

Shares of NYSE MGA opened at $47.86 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The firm has a market cap of $13.75 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69. Magna International has a twelve month low of $46.71 and a twelve month high of $65.27. The business has a fifty day simple moving average of $53.35 and a two-hundred day simple moving average of $54.27.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. Analysts expect that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.475 dividend. This is a boost from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, February 22nd. This represents a $1.90 dividend on an annualized basis and a yield of 3.97%. Magna International’s payout ratio is presently 45.02%.

Institutional Investors Weigh In On Magna International

Institutional investors have recently modified their holdings of the business. FNY Investment Advisers LLC purchased a new position in Magna International during the third quarter worth approximately $26,000. Sunbelt Securities Inc. raised its stake in shares of Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after buying an additional 523 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Magna International by 332.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after buying an additional 526 shares during the period. Resources Management Corp CT ADV raised its stake in shares of Magna International by 323.5% during the 2nd quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock worth $48,000 after buying an additional 647 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Magna International during the 1st quarter worth approximately $49,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.