TD Securities Cuts Magna International (NYSE:MGA) Price Target to $63.00

Magna International (NYSE:MGA) (TSE:MG) had its target price decreased by TD Securities from $69.00 to $63.00 in a research note released on Monday morning, Marketbeat.com reports. TD Securities currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on MGA. Wells Fargo & Company decreased their price objective on Magna International from $60.00 to $54.00 and set an equal weight rating on the stock in a report on Monday, February 12th. Citigroup decreased their price objective on Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a report on Monday, February 12th. Royal Bank of Canada reduced their price target on Magna International from $61.00 to $60.00 and set a sector perform rating on the stock in a research report on Monday, February 12th. The Goldman Sachs Group lowered Magna International from a buy rating to a neutral rating and reduced their price target for the stock from $73.00 to $58.00 in a research report on Wednesday, January 3rd. Finally, UBS Group raised their price target on Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, January 17th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Magna International presently has an average rating of Hold and an average target price of $62.50.

Magna International Stock Performance

NYSE:MGA opened at $49.20 on Monday. The business’s 50-day moving average price is $53.01 and its two-hundred day moving average price is $54.22. Magna International has a twelve month low of $46.71 and a twelve month high of $65.27. The stock has a market cap of $14.13 billion, a P/E ratio of 11.65, a PEG ratio of 0.50 and a beta of 1.69. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). The firm had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. As a group, equities analysts predict that Magna International will post 6.11 EPS for the current fiscal year.

Magna International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.475 per share. The ex-dividend date was Thursday, February 22nd. This is a positive change from Magna International’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a dividend yield of 3.86%. Magna International’s payout ratio is currently 45.02%.

Institutional Investors Weigh In On Magna International

Hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. boosted its position in shares of Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after purchasing an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Magna International during the first quarter valued at approximately $49,000. S.A. Mason LLC boosted its position in shares of Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after purchasing an additional 229 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after purchasing an additional 879 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

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.