Magna International (NYSE:MGA) Stock Price Down 5.8%

Magna International Inc. (NYSE:MGA) (TSE:MG)’s share price was down 5.8% during mid-day trading on Wednesday . The stock traded as low as $40.32 and last traded at $40.32. Approximately 1,012,060 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 1,615,457 shares. The stock had previously closed at $42.79.

Analyst Ratings Changes

Several brokerages recently commented on MGA. UBS Group cut their price target on shares of Magna International from $51.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price target on Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. BMO Capital Markets reduced their price objective 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. Evercore lowered their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. Finally, Evercore ISI dropped their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Magna International presently has a consensus rating of “Hold” and an average price target of $50.41.

Magna International Stock Performance

The stock’s 50 day moving average price is $41.45 and its two-hundred day moving average price is $45.30. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $11.59 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The company had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the previous year, the company posted $1.50 earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. On average, analysts forecast that Magna International Inc. will post 5.5 EPS for the current year.

Magna International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.475 per share. The ex-dividend date was Friday, August 16th. This represents a $1.90 annualized dividend and a yield of 4.71%. Magna International’s dividend payout ratio is presently 53.98%.

Institutional Trading of Magna International

Large investors have recently bought and sold shares of the company. Parallel Advisors LLC grew its stake in Magna International by 50.8% in the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after acquiring an additional 879 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Magna International by 576.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,079 shares of the company’s stock valued at $182,000 after purchasing an additional 2,624 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Magna International by 11.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 18,437 shares of the company’s stock worth $1,089,000 after purchasing an additional 1,949 shares in the last quarter. Azimuth Capital Investment Management LLC increased its stake in shares of Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after purchasing an additional 53,695 shares in the last quarter. Finally, Syon Capital LLC acquired a new position in shares of Magna International during the 4th quarter worth approximately $250,000. Institutional investors and hedge funds 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.