Evercore ISI assumed coverage on shares of Magna International (NYSE:MGA) (TSE:MG) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued an outperform rating and a $80.00 price objective on the stock.
A number of other equities research analysts have also weighed in on MGA. TD Securities raised their price objective on Magna International from $65.00 to $69.00 and gave the company a hold rating in a research note on Friday, May 11th. Scotiabank lowered their price objective on Magna International from $82.00 to $80.00 and set an outperform rating for the company in a research note on Friday, May 11th. Royal Bank of Canada raised their price objective on Magna International from $71.00 to $76.00 and gave the company an outperform rating in a research note on Friday, May 11th. Susquehanna Bancshares set a $57.00 price objective on Magna International and gave the company a hold rating in a research note on Wednesday, March 14th. Finally, BMO Capital Markets upgraded Magna International from a market perform rating to an outperform rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $66.00.
Shares of Magna International opened at $66.24 on Monday, according to MarketBeat. Magna International has a fifty-two week low of $65.30 and a fifty-two week high of $66.22. The company has a quick ratio of 0.89, a current ratio of 1.24 and a debt-to-equity ratio of 0.26. The company has a market cap of $23.30 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.10 and a beta of 1.34.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Thursday, May 10th. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.18. Magna International had a return on equity of 19.64% and a net margin of 5.65%. The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $10.02 billion. During the same quarter last year, the firm earned $1.53 EPS. Magna International’s quarterly revenue was up 21.3% on a year-over-year basis. equities analysts expect that Magna International will post 6.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Shareholders of record on Friday, May 25th will be issued a dividend of $0.257 per share. This represents a $1.03 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, May 24th. Magna International’s dividend payout ratio is presently 22.15%.
Large investors have recently added to or reduced their stakes in the business. Bank of Hawaii lifted its holdings in Magna International by 7.4% during the 4th quarter. Bank of Hawaii now owns 17,033 shares of the company’s stock worth $965,000 after buying an additional 1,175 shares during the last quarter. FDx Advisors Inc. lifted its holdings in Magna International by 10.6% during the 4th quarter. FDx Advisors Inc. now owns 12,718 shares of the company’s stock worth $721,000 after buying an additional 1,218 shares during the last quarter. Barometer Capital Management Inc. lifted its holdings in Magna International by 531.5% during the 4th quarter. Barometer Capital Management Inc. now owns 56,834 shares of the company’s stock worth $3,221,000 after buying an additional 47,834 shares during the last quarter. Kendall Capital Management bought a new position in Magna International during the 4th quarter worth approximately $1,037,000. Finally, Aperio Group LLC lifted its holdings in Magna International by 2.9% during the 4th quarter. Aperio Group LLC now owns 365,310 shares of the company’s stock worth $20,702,000 after buying an additional 10,461 shares during the last quarter. 60.12% of the stock is currently owned by institutional investors.
Magna International Company Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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