Magna International (NYSE:MGA) Stock Rating Lowered by Royal Bank of Canada

Royal Bank of Canada lowered shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to a sector perform rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have $32.00 target price on the stock, down from their previous target price of $51.00.

MGA has been the topic of a number of other reports. Raymond James decreased their price target on Magna International from $53.00 to $50.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 18th. Scotiabank lowered their target price on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a report on Tuesday, February 18th. Wells Fargo & Company dropped their price target on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. Bank of America lowered shares of Magna International from a “buy” rating to a “neutral” rating and decreased their price target for the company from $52.00 to $48.00 in a report on Tuesday, March 4th. Finally, UBS Group dropped their price objective on Magna International from $41.00 to $34.00 and set a “neutral” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Magna International presently has a consensus rating of “Hold” and a consensus target price of $44.91.

Magna International Stock Performance

Shares of NYSE MGA opened at $32.21 on Friday. The company has a 50-day simple moving average of $36.25 and a 200-day simple moving average of $40.17. 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 company has a market cap of $9.07 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 0.63 and a beta of 1.56. Magna International has a 12 month low of $30.39 and a 12 month high of $50.36.

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

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 6.02%. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, February 28th. Magna International’s payout ratio is presently 55.27%.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of MGA. Versant Capital Management Inc acquired a new stake in shares of Magna International during the first quarter worth approximately $27,000. Public Employees Retirement System of Ohio grew its holdings in Magna International by 99.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company’s stock worth $2,108,000 after acquiring an additional 25,142 shares in the last quarter. Systematic Financial Management LP increased its position in shares of Magna International by 19.9% in the 4th quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock worth $2,041,000 after purchasing an additional 8,100 shares during the last quarter. LRI Investments LLC increased its position 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 last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Magna International by 9.0% in the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock valued at $2,010,000 after purchasing an additional 3,956 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

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.