Magna International (NYSE:MGA) Cut to Hold at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an outperformer rating to a hold rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has $70.00 target price on the stock, down from their previous target price of $78.00.

A number of other equities research analysts also recently issued reports on the company. Wells Fargo & Company boosted their price target on Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. UBS Group raised their target price on shares of Magna International from $62.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. restated a “neutral” rating and set a $72.00 target price (down from $77.00) on shares of Magna International in a report on Tuesday, September 15th. Barclays upped their price target on shares of Magna International from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, October 9th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $70.00 price target (down from $76.00) on shares of Magna International in a report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.87.

Magna International Stock Down 1.2%

Shares of MGA opened at $63.95 on Wednesday. The firm has a market cap of $16.94 billion, a PE ratio of 9.59, a price-to-earnings-growth ratio of 0.69 and a beta of 1.46. The company’s fifty day moving average is $65.67 and its two-hundred day moving average is $64.83. Magna International has a fifty-two week low of $44.64 and a fifty-two week high of $73.22. The company has a quick ratio of 0.88, a current ratio of 1.22 and a debt-to-equity ratio of 0.38.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, July 31st. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.33. The company had revenue of $10.84 billion during the quarter, compared to analysts’ expectations of $10.63 billion. Magna International had a net margin of 1.80% and a return on equity of 15.04%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 EPS. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. Analysts forecast that Magna International will post 7.02 earnings per share for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Friday, August 14th. Magna International’s dividend payout ratio is currently 71.74%.

Institutional Trading of Magna International

Several large investors have recently bought and sold shares of the company. Signaturefd LLC raised its stake in shares of Magna International by 7.6% during the third quarter. Signaturefd LLC now owns 14,353 shares of the company’s stock valued at $914,000 after purchasing an additional 1,012 shares during the period. Kendall Capital Management raised its stake in shares of Magna International by 12.1% during the third quarter. Kendall Capital Management now owns 20,088 shares of the company’s stock valued at $1,279,000 after purchasing an additional 2,170 shares during the period. QV Investors Inc. lifted its position in shares of Magna International by 33.3% during the third quarter. QV Investors Inc. now owns 739,472 shares of the company’s stock worth $47,220,000 after purchasing an additional 184,631 shares in the last quarter. Louisbourg Investments Inc. acquired a new position in shares of Magna International during the third quarter worth $186,000. Finally, Net Worth Advisory Group lifted its position in shares of Magna International by 3.7% during the third quarter. Net Worth Advisory Group now owns 9,171 shares of the company’s stock worth $591,000 after purchasing an additional 328 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.