StockNews.com Upgrades Magna International (NYSE:MGA) to Buy

StockNews.com upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a hold rating to a buy rating in a research report released on Tuesday morning.

Several other equities analysts have also issued reports on MGA. Scotiabank lowered their target price on shares of Magna International from $45.00 to $38.00 and set a “sector perform” rating for the company in a report on Tuesday, April 29th. Raymond James lowered their price objective on Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a research note on Tuesday, February 18th. Evercore ISI dropped their target price on Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a report on Tuesday, February 18th. Barclays reduced their price target on Magna International from $47.00 to $37.00 and set an “equal weight” rating for the company in a report on Tuesday, April 15th. Finally, Bank of America cut shares of Magna International from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $52.00 to $48.00 in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Magna International presently has an average rating of “Hold” and an average price target of $42.13.

Magna International Stock Up 2.1%

Shares of NYSE:MGA opened at $37.13 on Tuesday. The firm has a market capitalization of $10.46 billion, a P/E ratio of 10.58, a P/E/G ratio of 0.63 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. The stock has a 50 day moving average price of $34.43 and a 200-day moving average price of $38.99. Magna International has a 52-week low of $30.39 and a 52-week high of $48.18.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.12). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The firm had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.66 billion. During the same period in the prior year, the business posted $1.08 EPS. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Magna International will post 5.87 EPS for the current fiscal year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.94 dividend on an annualized basis and a yield of 5.22%. Magna International’s dividend payout ratio is presently 48.50%.

Hedge Funds Weigh In On Magna International

Institutional investors and hedge funds have recently modified their holdings of the company. Avior Wealth Management LLC increased its position in Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock valued at $26,000 after acquiring an additional 600 shares during the last quarter. Versant Capital Management Inc bought a new stake in shares of Magna International during the 1st quarter valued at about $27,000. Cromwell Holdings LLC increased its position in shares of Magna International by 131.6% during the 1st quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock valued at $28,000 after purchasing an additional 466 shares during the last quarter. LRI Investments LLC lifted its stake in shares of Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in shares of Magna International in the fourth quarter worth approximately $33,000. 67.49% of the stock is currently owned by hedge funds and other 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.