Royal Bank of Canada Lowers Magna International (NYSE:MGA) Price Target to $42.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by Royal Bank of Canada from $47.00 to $42.00 in a report released on Tuesday morning, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

MGA has been the topic of a number of other research reports. BMO Capital Markets cut their price target on Magna International from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Citigroup lowered their target price on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. CIBC cut their price target on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. UBS Group lowered their price objective on Magna International from $51.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Evercore ISI cut their target price on Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.65.

Magna International Stock Up 6.3 %

MGA stock opened at $41.97 on Tuesday. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.66 and a beta of 1.59. The company has a fifty day moving average price of $41.36 and a 200 day moving average price of $43.23. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The company had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.50 EPS. Sell-side analysts expect that Magna International will post 5.4 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date is Friday, November 15th. Magna International’s payout ratio is currently 55.39%.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently bought and sold shares of MGA. JARISLOWSKY FRASER Ltd increased its position in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after purchasing an additional 289,105 shares in the last quarter. Quantbot Technologies LP grew its holdings in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after buying an additional 114,160 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after acquiring an additional 30,361 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

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.