Morgan Stanley Downgrades Magna International (NYSE:MGA) to Equal Weight

Morgan Stanley downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from an overweight rating to an equal weight rating in a research note published on Wednesday morning, MarketBeat reports. Morgan Stanley currently has $43.00 price objective on the stock, down from their previous price objective of $55.00.

Other equities research analysts have also recently issued research reports about the stock. UBS Group dropped their price target on shares of Magna International from $51.00 to $46.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Royal Bank of Canada dropped their price target on shares of Magna International from $57.00 to $47.00 and set a sector perform rating on the stock in a research note on Tuesday, August 13th. Raymond James dropped their price target on shares of Magna International from $57.00 to $53.00 and set a market perform rating on the stock in a research note on Tuesday, August 6th. Wolfe Research reissued an underperform rating on shares of Magna International in a research note on Thursday, September 5th. Finally, Evercore dropped their price target on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Magna International presently has an average rating of Hold and a consensus price target of $50.41.

Magna International Price Performance

Shares of NYSE MGA opened at $42.73 on Wednesday. The stock has a market capitalization of $12.28 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.65 and a beta of 1.59. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The firm’s 50 day simple moving average is $41.27 and its 200-day simple moving average is $45.17. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same period in the previous year, the business earned $1.50 EPS. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. Analysts expect that Magna International will post 5.5 EPS for the current year.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.475 per share. The ex-dividend date was Friday, August 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.45%. Magna International’s dividend payout ratio is presently 53.98%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings in shares of Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after acquiring an additional 319 shares during the period. UMB Bank n.a. raised its holdings in shares of Magna International by 13.0% during the 1st quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock worth $165,000 after acquiring an additional 350 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Magna International by 2,179.2% during the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock worth $30,000 after acquiring an additional 523 shares during the period. LRI Investments LLC purchased a new stake in Magna International in the 1st quarter valued at about $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Magna International in the 2nd quarter valued at about $28,000. 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.