CIBC Lowers Magna International (NYSE:MGA) Price Target to $54.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective trimmed by CIBC from $59.00 to $54.00 in a research note released on Monday morning, BayStreet.CA reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also issued reports on MGA. TD Securities cut their target price on shares of Magna International from $69.00 to $63.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Citigroup cut their price objective on shares of Magna International from $60.00 to $57.00 and set a neutral rating on the stock in a research report on Monday, February 12th. Royal Bank of Canada decreased their target price on Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a research report on Monday, February 12th. BMO Capital Markets cut their price target on Magna International from $67.00 to $65.00 and set an outperform rating on the stock in a report on Monday, February 12th. Finally, Evercore lowered shares of Magna International from an outperform rating to an in-line rating and decreased their price target for the company from $75.00 to $62.00 in a research note on Monday, April 15th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Magna International currently has an average rating of Hold and a consensus target price of $60.00.

Magna International Stock Up 0.6 %

Shares of NYSE:MGA opened at $46.85 on Monday. Magna International has a 1 year low of $45.99 and a 1 year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. The business’s 50-day moving average is $51.87 and its 200-day moving average is $53.92. The company has a market capitalization of $13.46 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 0.47 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.97%. Magna International’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.11 earnings per share. Equities research analysts predict that Magna International will post 6.13 earnings per share for the current year.

Magna International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Thursday, May 16th. Magna International’s payout ratio is currently 53.98%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in Magna International by 22.2% during the first quarter. SG Americas Securities LLC now owns 36,170 shares of the company’s stock valued at $1,971,000 after acquiring an additional 6,581 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Magna International in the 1st quarter valued at about $1,009,000. Lorne Steinberg Wealth Management Inc. raised its holdings in shares of Magna International by 3.2% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 73,662 shares of the company’s stock valued at $4,014,000 after acquiring an additional 2,304 shares in the last quarter. Tobam boosted its position in Magna International by 208.1% during the 1st quarter. Tobam now owns 4,079 shares of the company’s stock valued at $222,000 after acquiring an additional 2,755 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in shares of 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 buying an additional 8,680 shares during 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.