JPMorgan Chase & Co. Lowers Magna International (NYSE:MGA) Price Target to $63.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lowered by JPMorgan Chase & Co. from $69.00 to $63.00 in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts also recently commented on MGA. Citigroup decreased their price objective on Magna International from $52.00 to $47.00 and set a neutral rating on the stock in a research note on Friday, July 12th. Morgan Stanley decreased their price objective on Magna International from $65.00 to $60.00 and set an overweight rating on the stock in a research note on Friday, May 10th. StockNews.com downgraded Magna International from a buy rating to a hold rating in a research note on Friday, May 10th. TD Securities decreased their price objective on Magna International from $62.00 to $57.00 and set a buy rating on the stock in a research note on Monday, July 15th. Finally, CIBC decreased their target price on Magna International from $59.00 to $54.00 and set a neutral rating on the stock in a research note on Monday, May 6th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $54.00.

Magna International Stock Up 1.2 %

MGA stock opened at $43.22 on Monday. Magna International has a fifty-two week low of $40.83 and a fifty-two week high of $65.27. The business’s 50-day moving average is $43.87 and its two-hundred day moving average is $49.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The company has a market cap of $12.42 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 0.57 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.96%. The firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same period in the prior year, the company posted $1.11 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts forecast that Magna International will post 5.77 earnings per share for the current year.

Magna International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend was Thursday, May 16th. Magna International’s dividend payout ratio is presently 53.98%.

Hedge Funds Weigh In On Magna International

Several institutional investors have recently added to or reduced their stakes in MGA. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Magna International in the 2nd quarter worth approximately $28,000. Sunbelt Securities Inc. boosted its holdings in shares of Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after purchasing an additional 523 shares during the period. LRI Investments LLC purchased a new position in shares of Magna International in the 1st quarter worth approximately $36,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Magna International in the 1st quarter worth approximately $49,000. Finally, S.A. Mason LLC boosted its holdings in shares of Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after purchasing an additional 229 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.