Magna International (TSE:MG) Price Target Raised to C$61.00

Magna International (TSE:MG) (NYSE:MGA) had its price objective hoisted by Bank of America from C$58.00 to C$61.00 in a research note published on Monday,BayStreet.CA reports.

A number of other research firms have also recently issued reports on MG. Veritas upgraded Magna International to a “hold” rating in a report on Thursday, April 24th. Royal Bank Of Canada downgraded Magna International from a “moderate buy” rating to a “hold” rating in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$61.00.

Magna International Stock Up 1.4%

Shares of TSE MG opened at C$51.56 on Monday. The firm has a 50 day moving average price of C$48.67 and a 200 day moving average price of C$53.53. The stock has a market cap of C$10.43 billion, a P/E ratio of 9.68, a P/E/G ratio of 0.45 and a beta of 1.60. Magna International has a 52-week low of C$43.25 and a 52-week high of C$66.42. The company has a debt-to-equity ratio of 61.81, a quick ratio of 0.83 and a current ratio of 1.14.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 30th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date was Friday, May 16th. Magna International’s dividend payout ratio is currently 48.07%.

Magna International Company Profile

Magna International prides itself on a highly entrepreneurial culture and a corporate constitution that outlines distribution of profits to various stakeholders. This automotive supplier’s product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contracted vehicle assembly.