Magna International (NYSE:MGA) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Magna International (NYSE:MGA) (TSE:MG) from a strong-buy rating to a buy rating in a report published on Saturday morning.

Several other research firms have also recently weighed in on MGA. Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Magna International in a research report on Friday, September 12th. UBS Group increased their price objective on Magna International from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Wells Fargo & Company decreased their price target on Magna International from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday, October 3rd. Barclays raised their price target on Magna International from $45.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 10th. Finally, CIBC restated a “neutral” rating and issued a $47.00 price target (up previously from $46.00) on shares of Magna International in a research report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.57.

Magna International Trading Up 4.4%

Shares of Magna International stock opened at $49.27 on Friday. The business has a fifty day simple moving average of $46.18 and a two-hundred day simple moving average of $41.43. Magna International has a 1 year low of $30.39 and a 1 year high of $49.79. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.00 and a beta of 1.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.09. The firm had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. Magna International had a return on equity of 11.89% and a net margin of 2.91%.The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.28 EPS. Magna International has set its FY 2025 guidance at EPS. Research analysts forecast that Magna International will post 5.87 EPS for the current year.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.94 annualized dividend and a yield of 3.9%. Magna International’s dividend payout ratio (DPR) is 53.01%.

Institutional Trading of Magna International

A number of hedge funds have recently made changes to their positions in the company. ARGA Investment Management LP boosted its stake in shares of Magna International by 33.2% during the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock valued at $196,557,000 after purchasing an additional 1,033,747 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Magna International by 20.2% during the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock valued at $77,332,000 after purchasing an additional 338,470 shares in the last quarter. QV Investors Inc. boosted its stake in shares of Magna International by 0.6% during the second quarter. QV Investors Inc. now owns 651,377 shares of the company’s stock valued at $25,129,000 after purchasing an additional 3,912 shares in the last quarter. Amundi boosted its stake in shares of Magna International by 19.0% during the first quarter. Amundi now owns 582,710 shares of the company’s stock valued at $19,305,000 after purchasing an additional 93,189 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Magna International by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 254,557 shares of the company’s stock valued at $9,828,000 after purchasing an additional 2,057 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.