Magna International (NYSE:MGA) Given New $37.00 Price Target at Barclays

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by Barclays from $47.00 to $37.00 in a research report released on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Company cut their target price on Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, December 16th. Bank of America cut Magna International from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $52.00 to $48.00 in a research report on Tuesday, March 4th. Evercore ISI decreased their target price on shares of Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a research report on Tuesday, February 18th. Royal Bank of Canada downgraded shares of Magna International from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $51.00 to $32.00 in a report on Friday, April 11th. Finally, The Goldman Sachs Group decreased their price objective on shares of Magna International from $38.00 to $31.00 and set a “sell” rating on the stock in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.32.

Magna International Price Performance

Magna International stock opened at $32.30 on Tuesday. The business has a 50 day simple moving average of $36.00 and a 200-day simple moving average of $40.05. Magna International has a 12 month low of $30.39 and a 12 month high of $50.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. The stock has a market capitalization of $9.10 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 0.63 and a beta of 1.56.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, February 14th. The company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. The company had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. Magna International had a net margin of 2.36% and a return on equity of 12.78%. Magna International’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. Equities analysts predict that Magna International will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 6.01%. The ex-dividend date of this dividend was Friday, February 28th. This is a positive change from Magna International’s previous quarterly dividend of $0.48. Magna International’s dividend payout ratio is currently 55.27%.

Institutional Investors Weigh In On Magna International

A number of institutional investors have recently bought and sold shares of the stock. Mufg Securities Canada LTD. boosted its position in Magna International by 72.1% during the 4th quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after purchasing an additional 172,754 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Magna International by 35.5% during the fourth quarter. Jones Financial Companies Lllp now owns 112,932 shares of the company’s stock worth $4,719,000 after purchasing an additional 29,567 shares in the last quarter. DGS Capital Management LLC boosted its position in shares of Magna International by 111.0% in the fourth quarter. DGS Capital Management LLC now owns 21,048 shares of the company’s stock worth $880,000 after buying an additional 11,072 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Magna International by 6.4% in the fourth quarter. Bank of New York Mellon Corp now owns 239,280 shares of the company’s stock valued at $10,000,000 after buying an additional 14,441 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Magna International by 52.3% during the 4th quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after buying an additional 822,375 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.