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

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

Other analysts also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, August 3rd. Citigroup raised their price objective on shares of Magna International from $58.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. lifted their price objective on Magna International from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Morgan Stanley upped their target price on Magna International from $65.00 to $69.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 18th. Finally, Barclays raised their price target on Magna International from $66.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $68.20.

Magna International Trading Down 1.9%

Shares of Magna International stock opened at $64.89 on Friday. The company has a 50-day moving average of $67.50 and a two-hundred day moving average of $63.43. The company has a current ratio of 1.22, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38. The stock has a market cap of $17.19 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45. Magna International has a 12-month low of $43.11 and a 12-month high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, July 31st. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.33. The business had revenue of $10.84 billion during the quarter, compared to analysts’ expectations of $10.63 billion. Magna International had a return on equity of 15.04% and a net margin of 1.80%.The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. On average, research analysts anticipate that Magna International will post 7.06 EPS for the current fiscal year.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, August 14th. Magna International’s payout ratio is presently 71.74%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in shares of Magna International by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 2,426,843 shares of the company’s stock valued at $128,774,000 after purchasing an additional 154,710 shares in the last quarter. TD Waterhouse Canada Inc. grew its position in shares of Magna International by 10.7% during the second quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company’s stock worth $134,577,000 after buying an additional 206,433 shares in the last quarter. Amundi grew its position in shares of Magna International by 4.2% during the second quarter. Amundi now owns 1,781,357 shares of the company’s stock worth $117,778,000 after buying an additional 71,927 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Magna International by 14.8% in the first quarter. Hillsdale Investment Management Inc. now owns 832,575 shares of the company’s stock worth $46,486,000 after buying an additional 107,150 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Magna International by 2.8% in the first quarter. Bank of New York Mellon Corp now owns 487,633 shares of the company’s stock worth $27,215,000 after buying an additional 13,439 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

Magna International Inc is a Canadian global automotive supplier headquartered in Aurora, Ontario. The company develops and manufactures components, systems and technologies for automakers, serving both traditional internal-combustion vehicle programs and electric-vehicle platforms.

Its principal business areas include body and exterior systems, structures and exteriors, powertrain and driveline systems, seating, electronic systems, advanced driver-assistance technologies and vehicle access systems.