Magna International (NYSE:MGA) Lowered to Equal Weight at Morgan Stanley

Morgan Stanley lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an overweight rating to an equal weight rating in a research report report published on Wednesday, Marketbeat Ratings reports. The firm currently has $43.00 target price on the stock, down from their previous target price of $55.00.

MGA has been the topic of a number of other reports. UBS Group decreased their target price on Magna International from $51.00 to $46.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Bank of America decreased their price target on shares of Magna International from $65.00 to $62.00 and set a buy rating on the stock in a research note on Monday, July 22nd. CIBC lowered their price target on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. Raymond James reduced their price objective on shares of Magna International from $57.00 to $53.00 and set a market perform rating for the company in a report on Tuesday, August 6th. Finally, Barclays lowered their target price on shares of Magna International from $55.00 to $50.00 and set an equal weight rating on the stock in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Magna International currently has a consensus rating of Hold and a consensus target price of $50.41.

Magna International Stock Performance

Shares of NYSE MGA opened at $40.35 on Wednesday. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. The company has a market cap of $11.59 billion, a P/E ratio of 11.46, a P/E/G ratio of 0.65 and a beta of 1.59. The business’s 50 day moving average is $41.35 and its two-hundred day moving average is $45.27.

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

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.475 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.71%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGA. Quantbot Technologies LP bought a new position in shares of Magna International in the first quarter worth about $1,009,000. Toronto Dominion Bank raised its position in Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Forsta AP Fonden lifted its holdings in Magna International by 20.4% during the 1st quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock worth $3,533,000 after buying an additional 11,000 shares in the last quarter. LRI Investments LLC acquired a new position in Magna International during the 1st quarter worth $36,000. Finally, BNP Paribas Financial Markets boosted its position in Magna International by 202.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock valued at $1,433,000 after buying an additional 17,611 shares during the last quarter. Institutional investors and hedge funds 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.