Magna International (MG) Reaches New 1-Year High at $75.88

Magna International (TSE:MG) (NYSE:MGA) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$75.88 and last traded at C$75.71, with a volume of 659589 shares. The stock had previously closed at C$73.52.

Separately, BMO Capital Markets set a C$61.00 price target on Magna International and gave the stock a “market perform” rating in a report on Thursday, January 18th.

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Magna International (TSE:MG) (NYSE:MGA) last posted its earnings results on Thursday, February 22nd. The company reported C$1.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of C$1.97 by C$0.02. Magna International had a return on equity of 19.24% and a net margin of 5.28%. The company had revenue of C$13.20 billion for the quarter, compared to analyst estimates of C$12.50 billion.

The business also recently announced a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Friday, March 9th were issued a $0.406 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Thursday, March 8th. This is a positive change from Magna International’s previous quarterly dividend of $0.35.

In related news, Director Donald James Walker sold 50,000 shares of Magna International stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of C$74.17, for a total transaction of C$3,708,500.00. Also, insider Vincent Joseph Galifi sold 101,656 shares of Magna International stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of C$73.84, for a total value of C$7,506,279.04. Insiders sold 262,434 shares of company stock worth $19,020,862 in the last 90 days.

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About Magna International

Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

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