Magna International (NYSE:MGA) Price Target Lowered to $31.00 at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by Royal Bank of Canada from $32.00 to $31.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

A number of other equities research analysts have also commented on MGA. Barclays reduced their price objective on shares of Magna International from $47.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 15th. Bank of America lowered Magna International from a “buy” rating to a “neutral” rating and reduced their target price for the company from $52.00 to $48.00 in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price target on shares of Magna International from $38.00 to $31.00 and set a “sell” rating on the stock in a report on Thursday, April 10th. Veritas raised Magna International to a “hold” rating in a research note on Thursday, April 24th. Finally, TD Securities boosted their target price on Magna International from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Magna International currently has a consensus rating of “Hold” and a consensus price target of $42.13.

Magna International Stock Up 3.3 %

NYSE:MGA opened at $34.49 on Tuesday. The stock has a market cap of $9.72 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.63 and a beta of 1.52. Magna International has a 1 year low of $30.39 and a 1 year high of $48.18. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average price of $34.44 and a two-hundred day moving average price of $39.14.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.12). The firm had revenue of $9.68 billion during the quarter, compared to analyst estimates of $9.66 billion. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.08 earnings per share. As a group, equities analysts expect that Magna International will post 5.87 earnings per share for the current year.

Magna International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.62%. The ex-dividend date of this dividend is Friday, May 16th. Magna International’s payout ratio is 48.50%.

Institutional Trading of Magna International

A number of large investors have recently modified their holdings of MGA. Avior Wealth Management LLC grew its stake in shares of Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after purchasing an additional 600 shares in the last quarter. Versant Capital Management Inc acquired a new position in Magna International in the 1st quarter valued at about $27,000. Cromwell Holdings LLC raised its stake in shares of Magna International by 131.6% during 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 raised its holdings in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Magna International in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.