Magna International Inc. (NYSE:MGA) (TSE:MG) declared a quarterly dividend on Wednesday, May 8th, NASDAQ reports. Shareholders of record on Friday, May 24th will be given a dividend of 0.365 per share on Friday, June 7th. This represents a $1.46 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Thursday, May 23rd.
Magna International has raised its dividend payment by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Magna International has a payout ratio of 21.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Magna International to earn $6.89 per share next year, which means the company should continue to be able to cover its $1.46 annual dividend with an expected future payout ratio of 21.2%.
Shares of NYSE:MGA opened at $44.48 on Wednesday. The stock has a market capitalization of $14.13 billion, a PE ratio of 6.63, a price-to-earnings-growth ratio of 1.14 and a beta of 1.45. Magna International has a one year low of $42.88 and a one year high of $67.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.22 and a quick ratio of 0.87.
Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Thursday, May 9th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($0.10). The firm had revenue of $10.59 billion for the quarter, compared to analysts’ expectations of $10.60 billion. Magna International had a return on equity of 19.01% and a net margin of 6.75%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.84 earnings per share. As a group, sell-side analysts predict that Magna International will post 6.43 EPS for the current year.
MGA has been the subject of several analyst reports. Zacks Investment Research cut shares of Magna International from a “buy” rating to a “hold” rating in a report on Thursday, January 24th. TD Securities cut shares of Magna International from a “buy” rating to a “hold” rating and increased their price target for the stock from $59.00 to $61.00 in a report on Friday, February 22nd. BMO Capital Markets reissued a “buy” rating and set a $64.00 price target on shares of Magna International in a report on Friday, February 22nd. Wells Fargo & Co reissued a “buy” rating and set a $63.00 price target (up from $62.00) on shares of Magna International in a report on Friday, February 22nd. Finally, Citigroup increased their price target on shares of Magna International from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Magna International has an average rating of “Hold” and a consensus target price of $60.56.
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About Magna International
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.
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