Magna International (NYSE:MGA) Sees Strong Trading Volume Following Analyst Upgrade

Magna International Inc. (NYSE:MGA) (TSE:MG) shares saw an uptick in trading volume on Monday after JPMorgan Chase & Co. raised their price target on the stock from $69.00 to $71.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 5,392,160 shares were traded during trading, an increase of 297% from the previous session’s volume of 1,358,633 shares.The stock last traded at $48.44 and had previously closed at $48.34.

A number of other research analysts have also issued reports on the stock. TD Securities lowered their target price on shares of Magna International from $73.00 to $69.00 and set a “buy” rating on the stock in a research note on Monday, February 12th. Citigroup lowered their target price on shares of Magna International from $60.00 to $57.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Raymond James lowered their target price on shares of Magna International from $62.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, February 12th. UBS Group raised their target price on shares of Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Finally, StockNews.com lowered shares of Magna International from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $62.50.

Institutional Trading of Magna International

A number of hedge funds have recently bought and sold shares of MGA. Sunbelt Securities Inc. boosted its holdings in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Magna International by 332.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after acquiring an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Magna International during the 1st quarter worth about $49,000. S.A. Mason LLC lifted its holdings in shares of Magna International by 24.4% during the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of Magna International by 50.8% during the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after acquiring an additional 879 shares during the period. 67.49% of the stock is owned by institutional investors.

Magna International Stock Up 0.9 %

The business’s fifty day moving average price is $53.09 and its 200 day moving average price is $54.25. The company has a market capitalization of $14.30 billion, a P/E ratio of 11.78, a P/E/G ratio of 0.49 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $10.44 billion. During the same period in the previous year, the business posted $0.91 earnings per share. Magna International’s revenue was up 9.3% on a year-over-year basis. As a group, equities research analysts predict that Magna International Inc. will post 6.11 earnings per share for the current fiscal year.

Magna International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.475 per share. This is an increase from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a yield of 3.82%. The ex-dividend date was Thursday, February 22nd. Magna International’s dividend payout ratio (DPR) is currently 45.02%.

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.