Magna International (NYSE:MGA) Price Target Raised to $61.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective hoisted by UBS Group from $49.00 to $61.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently issued reports on MGA. Scotiabank boosted their price objective on Magna International from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Monday, November 3rd. Citigroup lifted their price target on Magna International from $49.00 to $55.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. JPMorgan Chase & Co. upped their price objective on Magna International from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Wells Fargo & Company increased their price objective on Magna International from $50.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Monday, January 12th. Finally, TD Securities lifted their target price on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $52.07.

Magna International Trading Down 2.9%

Shares of Magna International stock opened at $54.80 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83. The business has a fifty day simple moving average of $51.92 and a two-hundred day simple moving average of $47.27. Magna International has a 1 year low of $30.39 and a 1 year high of $57.55. The company has a market capitalization of $15.36 billion, a price-to-earnings ratio of 14.97 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, October 31st. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.09. The company had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.03 billion. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 earnings per share. Research analysts forecast that Magna International will post 5.87 EPS for the current year.

Magna International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, November 14th. Magna International’s dividend payout ratio is presently 53.01%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ARGA Investment Management LP boosted its position in shares of Magna International by 3.9% during the 2nd quarter. ARGA Investment Management LP now owns 3,114,386 shares of the company’s stock worth $120,366,000 after acquiring an additional 116,529 shares in the last quarter. Western Wealth Management LLC bought a new stake in Magna International during the second quarter worth $249,000. Mediolanum International Funds Ltd acquired a new stake in shares of Magna International in the 2nd quarter valued at $4,618,000. Leuthold Group LLC acquired a new stake in shares of Magna International in the 2nd quarter valued at $388,000. Finally, Geode Capital Management LLC increased its stake in shares of Magna International by 20.2% in the 2nd 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 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 leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.