Brokerages Set Magna International Inc. (NYSE:MGA) Target Price at $49.65

Magna International Inc. (NYSE:MGA) (TSE:MG) has earned a consensus recommendation of “Hold” from the nineteen research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, thirteen have given a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $49.76.

MGA has been the subject of a number of recent research reports. Bank of America lowered their target price on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Wolfe Research restated an “underperform” rating on shares of Magna International in a research report on Thursday, September 5th. TD Securities decreased their target price on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada cut their price target on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Monday.

Magna International Stock Up 1.1 %

NYSE MGA opened at $42.59 on Friday. The business has a fifty day moving average price of $41.33 and a two-hundred day moving average price of $43.03. The stock has a market capitalization of $12.24 billion, a PE ratio of 11.39, a PEG ratio of 0.67 and a beta of 1.59. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. 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 (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a return on equity of 12.03% and a net margin of 2.52%. The firm’s revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. Equities analysts expect that Magna International will post 5.4 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Friday, November 15th. Magna International’s dividend payout ratio is currently 50.80%.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd raised its stake in shares of 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 during the period. Russell Investments Group Ltd. raised its position in Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after acquiring an additional 289,105 shares during the period. Quantbot Technologies LP boosted its stake in Magna International by 616.1% in the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after acquiring an additional 114,160 shares during the last quarter. Millennium Management LLC grew its position in shares of Magna International by 135.5% during the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after acquiring an additional 93,637 shares during the period. Finally, Toronto Dominion Bank increased its stake in shares of Magna International by 1.9% during 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. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.