Zacks Investment Research upgraded shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a report issued on Thursday. They currently have $55.00 price objective on the stock.
According to Zacks, “Zacks Consensus Estimate for Magna International for the third quarter earnings have been going up of late. The company is well positioned to benefit from its leading position in the industry as well as its operational efficiency and diverse product portfolio. Moreover, its expansion strategies in emerging markets and focus on innovation for strong growth are expected to have a positive impact on its financials. Further, Magna International expects notable growth opportunities of its business through acquisitions and collaborations. The company also undertakes regular capital deployments in order to enhance shareholder value.”
Other equities analysts have also recently issued reports about the stock. Citigroup Inc. raised their target price on shares of Magna International from $54.00 to $55.00 and gave the company a buy rating in a research note on Thursday, August 17th. TD Securities raised their target price on shares of Magna International from $55.00 to $56.00 and gave the company a buy rating in a research note on Monday, August 14th. Deutsche Bank AG reaffirmed a buy rating and set a $61.00 target price (up from $59.00) on shares of Magna International in a research note on Monday, August 14th. BidaskClub raised shares of Magna International from a hold rating to a buy rating in a research note on Saturday, July 1st. Finally, ValuEngine cut shares of Magna International from a strong-buy rating to a buy rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $52.90.
Magna International (MGA) traded up 1.49% during mid-day trading on Thursday, reaching $51.77. 2,072,325 shares of the company’s stock traded hands. Magna International has a 12-month low of $36.77 and a 12-month high of $51.93. The stock has a 50-day moving average price of $47.64 and a 200-day moving average price of $44.94. The stock has a market capitalization of $19.15 billion, a PE ratio of 9.35 and a beta of 1.43.
Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.01. The company had revenue of $9.68 billion during the quarter, compared to analysts’ expectations of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. Magna International’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $1.41 earnings per share. Equities research analysts expect that Magna International will post $5.89 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.275 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $1.10 annualized dividend and a dividend yield of 2.16%. Magna International’s dividend payout ratio (DPR) is presently 19.86%.
Several institutional investors have recently added to or reduced their stakes in MGA. SRS Capital Advisors Inc. lifted its holdings in shares of Magna International by 16.4% in the 1st quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock worth $139,000 after acquiring an additional 456 shares during the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in shares of Magna International in the 1st quarter worth about $173,000. IFP Advisors Inc lifted its holdings in shares of Magna International by 19.5% in the 2nd quarter. IFP Advisors Inc now owns 4,011 shares of the company’s stock worth $186,000 after acquiring an additional 654 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Magna International by 17.2% in the 2nd quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock worth $197,000 after acquiring an additional 625 shares during the last quarter. Finally, Regent Investment Management LLC bought a new stake in shares of Magna International in the 2nd quarter worth about $204,000. Hedge funds and other institutional investors own 59.73% of the company’s stock.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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