Trade Report: The Magna International Inc. (MGA) Receives “Neutral” Rating from Goldman Sachs Group Inc.

The Magna International Inc. (MGA) Receives “Neutral” Rating from Goldman Sachs Group Inc.

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

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