Magna International (NYSE:MGA) Price Target Cut to $54.00 by Analysts at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by CIBC from $59.00 to $54.00 in a report released on Monday morning, BayStreet.CA reports. They currently have a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. BMO Capital Markets decreased their target price on Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a research report on Monday, February 12th. TD Securities cut their target price on Magna International from $69.00 to $63.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada cut their target price on Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research note on Monday, February 12th. StockNews.com raised Magna International from a hold rating to a buy rating in a research note on Thursday, May 2nd. Finally, Raymond James cut their target price on 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. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $60.00.

Magna International Price Performance

NYSE:MGA opened at $47.08 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $13.53 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.47 and a beta of 1.69. Magna International has a 12 month low of $45.75 and a 12 month high of $65.27. The business’s 50-day moving average is $51.55 and its 200 day moving average is $53.84.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. Magna International’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 earnings per share. On average, equities research analysts forecast that Magna International will post 6.13 earnings per share for the current fiscal year.

Magna International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.90 dividend on an annualized basis and a yield of 4.04%. Magna International’s dividend payout ratio (DPR) is 53.98%.

Hedge Funds Weigh In On Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. raised its stake in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in 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 purchasing an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Magna International during the 1st quarter worth about $49,000. S.A. Mason LLC grew its position in 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 purchasing an additional 229 shares during the period. Finally, Parallel Advisors LLC grew its position in 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 purchasing an additional 879 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.