Magna International (NYSE:MGA) Stock Price Expected to Rise, CIBC Analyst Says

Magna International (NYSE:MGA) (TSE:MG) had its price objective boosted by CIBC from $33.00 to $38.00 in a report published on Monday morning, Marketbeat reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts have also issued reports on MGA. Morgan Stanley cut their price objective on shares of Magna International from $43.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. TD Securities reduced their price target on shares of Magna International from $47.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Evercore ISI dropped their price objective on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating for the company in a report on Tuesday, February 18th. Raymond James reduced their target price on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a report on Tuesday, February 18th. Finally, Scotiabank dropped their price target on Magna International from $45.00 to $38.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Magna International has a consensus rating of “Hold” and an average target price of $42.13.

Magna International Stock Up 0.5 %

MGA opened at $33.37 on Monday. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.63 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. The firm’s fifty day moving average is $34.45 and its 200 day moving average is $39.19. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $48.18.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.12). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business had revenue of $9.68 billion during the quarter, compared to analysts’ expectations of $9.66 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. Magna International’s revenue was down 8.2% on a year-over-year basis. On average, sell-side analysts forecast that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a dividend of $0.485 per share. The ex-dividend date is Friday, May 16th. This represents a $1.94 annualized dividend and a dividend yield of 5.81%. Magna International’s dividend payout ratio (DPR) is 48.50%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGA. ARGA Investment Management LP grew its position in shares of Magna International by 158.1% during the 4th quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock worth $107,049,000 after buying an additional 1,568,953 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Magna International by 52.3% during the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after acquiring an additional 822,375 shares in the last quarter. Geode Capital Management LLC increased its position in Magna International by 32.2% during the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock valued at $63,280,000 after purchasing an additional 371,437 shares during the period. Mufg Securities Canada LTD. raised its holdings in shares of Magna International by 72.1% in the 4th quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock valued at $17,228,000 after purchasing an additional 172,754 shares in the last quarter. Finally, ARK Investment Management LLC purchased a new stake in shares of Magna International in the 1st quarter worth approximately $5,478,000. 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.