TD Securities Cuts Magna International (NYSE:MGA) Price Target to $53.00

Magna International (NYSE:MGA) (TSE:MG) had its price target decreased by TD Securities from $57.00 to $53.00 in a research report report published on Tuesday morning, BayStreet.CA reports. TD Securities currently has a buy rating on the stock.

MGA has been the subject of a number of other reports. BNP Paribas upgraded Magna International from a neutral rating to an outperform rating in a research note on Monday, July 1st. Raymond James reduced their price objective on Magna International from $60.00 to $57.00 and set a market perform rating for the company in a research report on Monday, May 6th. Royal Bank of Canada dropped their target price on Magna International from $59.00 to $57.00 and set an outperform rating on the stock in a research report on Monday, July 29th. Scotiabank reduced their price target on shares of Magna International from $52.00 to $50.00 and set a sector perform rating for the company in a report on Tuesday. Finally, Evercore dropped their price objective on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Magna International has a consensus rating of Hold and a consensus price target of $51.94.

Magna International Stock Performance

Magna International stock opened at $39.18 on Tuesday. Magna International has a 52 week low of $38.39 and a 52 week high of $60.55. The company has a current ratio of 1.09, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The stock has a market cap of $11.26 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 0.59 and a beta of 1.59. The stock has a 50 day moving average of $42.93 and a 200-day moving average of $48.78.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.11). The company had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a return on equity of 12.96% and a net margin of 2.35%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 EPS. On average, analysts expect that Magna International will post 5.68 EPS for the current fiscal year.

Magna International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.475 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.90 annualized dividend and a dividend yield of 4.85%. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Trading of Magna International

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after acquiring an additional 2,727 shares during the period. QV Investors Inc. boosted its holdings in Magna International by 1.0% in the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after purchasing an additional 6,895 shares during the period. Azimuth Capital Investment Management LLC grew its position in Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after purchasing an additional 53,695 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Magna International by 5.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock worth $8,573,000 after purchasing an additional 8,680 shares during the last quarter. Institutional investors and hedge funds 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.