Raymond James Cuts Magna International (NYSE:MGA) Price Target to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its target price trimmed by Raymond James from $60.00 to $57.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a market perform rating on the stock. Raymond James also issued estimates for Magna International’s Q3 2024 earnings at $1.54 EPS, Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.60 EPS, Q1 2025 earnings at $1.68 EPS, Q2 2025 earnings at $1.82 EPS, Q3 2025 earnings at $1.75 EPS, Q4 2025 earnings at $1.68 EPS and FY2025 earnings at $6.93 EPS.

Other equities analysts have also issued reports about the stock. Scotiabank lowered their target price on shares of Magna International from $59.00 to $55.00 and set a sector perform rating for the company in a report on Monday. National Bankshares cut their target price on Magna International from $60.00 to $57.00 and set a market perform rating on the stock in a research note on Monday. Royal Bank of Canada cut their price objective on shares of Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. TD Securities dropped their target price on shares of Magna International from $63.00 to $62.00 and set a buy rating on the stock in a research note on Monday. Finally, CIBC cut their target price on Magna International from $59.00 to $54.00 and set a neutral rating on the stock in a research note on Monday. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $60.00.

Magna International Trading Up 1.0 %

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

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

Magna International Dividend Announcement

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

Hedge Funds Weigh In On Magna International

Hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC lifted its stake in shares of Magna International by 58.2% during the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after buying an additional 3,609,429 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Magna International by 35.5% in the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Magna International by 8.7% in the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after acquiring an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Magna International by 18.5% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after purchasing an additional 147,950 shares in the last quarter. Finally, QV Investors Inc. raised its stake in Magna International by 20.7% during the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock valued at $39,202,000 after purchasing an additional 113,332 shares during the period. 67.49% of the stock is currently owned by institutional investors.

Magna International Company Profile

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.