Bank of America Boosts Magna International (NYSE:MGA) Price Target to $45.00

Magna International (NYSE:MGA) (TSE:MG) had its price target hoisted by Bank of America from $42.00 to $45.00 in a report issued on Monday,Benzinga reports. They currently have a neutral rating on the stock.

MGA has been the subject of a number of other research reports. Raymond James Financial cut their price objective on Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a research report on Tuesday, February 18th. The Goldman Sachs Group cut their price target on Magna International from $38.00 to $31.00 and set a “sell” rating for the company in a report on Thursday, April 10th. Wells Fargo & Company lifted their price objective on Magna International from $32.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Monday, May 19th. Wall Street Zen upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Finally, BMO Capital Markets cut their target price on shares of Magna International from $47.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $41.38.

Magna International Trading Up 1.0%

Shares of MGA opened at $37.62 on Monday. The firm has a market cap of $10.60 billion, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 0.65 and a beta of 1.50. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.06 and a quick ratio of 0.74. Magna International has a 1 year low of $30.39 and a 1 year high of $47.22. The company has a 50 day simple moving average of $35.23 and a two-hundred day simple moving average of $37.82.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). The company had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. Magna International had a return on equity of 11.96% and a net margin of 2.73%. Magna International’s revenue was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.08 EPS. On average, equities analysts expect that Magna International will post 5.87 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were issued a dividend of $0.485 per share. The ex-dividend date was Friday, May 16th. This represents a $1.94 annualized dividend and a yield of 5.16%. Magna International’s payout ratio is 48.50%.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently modified their holdings of MGA. 1620 Investment Advisors Inc. increased its stake in Magna International by 3.6% in the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after purchasing an additional 276 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $43,000 after purchasing an additional 312 shares during the period. Cromwell Holdings LLC grew its holdings in shares of Magna International by 131.6% in the first quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock worth $28,000 after purchasing an additional 466 shares during the last quarter. LRI Investments LLC increased its stake in Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares during the period. Finally, Versant Capital Management Inc bought a new stake in Magna International during the 1st quarter valued at about $27,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.