Bank of America lowered shares of Magna International (NYSE:MGA – Free Report) (TSE:MG) from a buy rating to a neutral rating in a report published on Tuesday morning, MarketBeat reports. Bank of America currently has $48.00 target price on the stock, down from their prior target price of $52.00.
Several other research analysts have also recently issued reports on MGA. CIBC increased their price objective on Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. Royal Bank of Canada cut their price objective on Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research report on Tuesday, February 18th. Wells Fargo & Company cut their price objective on Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, TD Securities dropped their price target on Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.88.
Read Our Latest Stock Analysis on Magna International
Magna International Price Performance
Magna International (NYSE:MGA – Get Free Report) (TSE:MG) last released its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.23. The firm had revenue of $10.63 billion during the quarter, compared to analysts’ expectations of $10.32 billion. Magna International had a return on equity of 12.78% and a net margin of 2.36%. Magna International’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 earnings per share. Sell-side analysts forecast that Magna International will post 5.87 EPS for the current year.
Magna International Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 5.67%. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, February 28th. Magna International’s dividend payout ratio (DPR) is presently 55.27%.
Institutional Trading of Magna International
A number of hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio boosted its stake in Magna International by 99.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company’s stock worth $2,108,000 after buying an additional 25,142 shares during the last quarter. Systematic Financial Management LP boosted its stake in Magna International by 19.9% in the 4th quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock worth $2,041,000 after buying an additional 8,100 shares during the last quarter. LRI Investments LLC boosted its stake in Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Magna International by 9.0% in the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock worth $2,010,000 after buying an additional 3,956 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Magna International by 52.3% in the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after buying an additional 822,375 shares during the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.
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.
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