Magna International (NYSE:MGA) Stock Rating Reaffirmed by Wolfe Research

Wolfe Research reaffirmed their underperform rating on shares of Magna International (NYSE:MGA) (TSE:MG) in a report released on Thursday morning, MarketBeat reports.

Several other research firms have also recently issued reports on MGA. JPMorgan Chase & Co. cut their price target on shares of Magna International from $63.00 to $55.00 and set an overweight rating on the stock in a report on Tuesday, August 6th. Raymond James lowered their target price on shares of Magna International from $57.00 to $53.00 and set a market perform rating for the company in a research note on Tuesday, August 6th. Citigroup lowered their price objective on shares of Magna International from $52.00 to $47.00 and set a neutral rating for the company in a research report on Friday, July 12th. Evercore cut their target price on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Finally, BNP Paribas upgraded Magna International from a neutral rating to an outperform rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $51.06.

Magna International Stock Down 2.8 %

Shares of NYSE MGA opened at $39.36 on Thursday. The stock has a fifty day moving average price of $42.06 and a 200 day moving average price of $46.45. The company has a market cap of $11.31 billion, a P/E ratio of 11.18, a P/E/G ratio of 0.64 and a beta of 1.59. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The firm had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the company posted $1.50 earnings per share. Research analysts anticipate that Magna International will post 5.58 EPS for the current fiscal year.

Magna International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.83%. Magna International’s dividend payout ratio is presently 53.98%.

Hedge Funds Weigh In On Magna International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd boosted its stake in Magna International by 5.9% during the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after buying an additional 395,745 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Magna International by 616.1% during the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after purchasing an additional 114,160 shares in the last quarter. Millennium Management LLC grew its stake in shares of Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC raised its holdings in shares of Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after purchasing an additional 53,695 shares in the last quarter. 67.49% of the stock is 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.