Magna International (NYSE:MGA) Given New $63.00 Price Target at TD Securities

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by TD Securities from $69.00 to $63.00 in a report issued on Monday, Marketbeat reports. TD Securities currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on MGA. StockNews.com cut shares of Magna International from a buy rating to a hold rating in a research note on Tuesday, April 16th. Citigroup lowered their price target on shares of Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a research report on Monday, February 12th. CIBC lowered their price target on shares of Magna International from $61.00 to $59.00 and set a neutral rating on the stock in a research report on Friday. Evercore cut shares of Magna International from an outperform rating to an in-line rating and lowered their price target for the company from $75.00 to $62.00 in a research report on Monday, April 15th. Finally, Barclays lowered their price target on shares of Magna International from $63.00 to $62.00 and set an equal weight rating on the stock in a research report on Thursday, April 11th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $62.50.

Magna International Price Performance

Magna International stock opened at $49.31 on Monday. Magna International has a 1 year low of $46.71 and a 1 year high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The company’s fifty day moving average price is $53.09 and its 200 day moving average price is $54.25. The stock has a market capitalization of $14.17 billion, a P/E ratio of 11.68, a P/E/G ratio of 0.49 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). Magna International had a return on equity of 13.15% and a net margin of 2.83%. The business had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same period last year, the firm earned $0.91 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Magna International will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.475 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend was Thursday, February 22nd. Magna International’s payout ratio is 45.02%.

Institutional Trading of Magna International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Natixis Advisors L.P. increased its stake in Magna International by 243.3% during the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after purchasing an additional 36,005 shares during the period. Toronto Dominion Bank increased its stake in Magna International by 8.7% during the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares during the period. Prime Capital Investment Advisors LLC purchased a new stake in Magna International during the fourth quarter worth about $237,000. Finally, Pzena Investment Management LLC increased its stake in Magna International by 58.2% during the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the period. 67.49% of the stock is currently 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.