Goldman Sachs Group Inc. reaffirmed their neutral rating on shares of Magna International Inc. (NYSE:MGA) in a research report sent to investors on Saturday morning. The brokerage currently has a $43.00 price objective on the stock, down from their prior price objective of $44.00.
Several other equities research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Magna International from a hold rating to a buy rating and set a $45.00 price target on the stock in a research note on Tuesday, August 30th. TD Securities reiterated a buy rating and set a $47.00 price target (up from $46.00) on shares of Magna International in a research note on Wednesday, August 10th. Citigroup Inc. lifted their price target on shares of Magna International from $48.00 to $49.00 and gave the stock a buy rating in a research note on Monday, August 8th. Wells Fargo & Co. reiterated a hold rating and set a $41.50 price target on shares of Magna International in a research note on Monday, July 18th. Finally, BMO Capital Markets lowered shares of Magna International from an outperform rating to a market perform rating and cut their price target for the stock from $50.00 to $36.00 in a research note on Tuesday, June 28th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Magna International presently has a consensus rating of Buy and a consensus target price of $50.32.
Shares of Magna International (NYSE:MGA) opened at 42.23 on Friday. The stock’s 50 day moving average is $40.99 and its 200 day moving average is $40.07. Magna International has a 1-year low of $30.41 and a 1-year high of $53.89. The stock has a market capitalization of $16.43 billion, a price-to-earnings ratio of 8.07 and a beta of 1.60.
Magna International (NYSE:MGA) last released its quarterly earnings data on Friday, August 5th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.34 by $0.07. The business earned $9.44 billion during the quarter, compared to analysts’ expectations of $9.24 billion. Magna International had a net margin of 6.12% and a return on equity of 21.14%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 EPS. On average, equities analysts forecast that Magna International will post $5.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 26th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Wednesday, August 24th. Magna International’s dividend payout ratio is currently 19.16%.
A number of hedge funds have recently added to or reduced their stakes in MGA. Van ECK Associates Corp increased its stake in Magna International by 27.1% in the second quarter. Van ECK Associates Corp now owns 3,763 shares of the company’s stock worth $132,000 after buying an additional 803 shares in the last quarter. IFP Advisors Inc increased its stake in Magna International by 10.9% in the first quarter. IFP Advisors Inc now owns 4,380 shares of the company’s stock worth $188,000 after buying an additional 431 shares in the last quarter. Park National Corp OH increased its stake in Magna International by 2.9% in the second quarter. Park National Corp OH now owns 7,827 shares of the company’s stock worth $275,000 after buying an additional 220 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in Magna International by 7.5% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 7,850 shares of the company’s stock worth $275,000 after buying an additional 550 shares in the last quarter. Finally, Manitou Investment Management Ltd. bought a new stake in Magna International during the second quarter worth approximately $302,000. 58.98% of the stock is currently owned by hedge funds and other institutional investors.
Magna International Company Profile