Investment analysts at Deutsche Bank raised their target price on shares of Magna International (NYSE: MGA) from $57.00 to $60.00 in a note issued to investors on Monday. The firm currently has a “hold” rating on the stock.

Shares of Magna International traded down 0.59% during mid-day trading on Monday, hitting $55.1801. Magna International has a one year low of $36.54 and a one year high of $56.32. The stock’s 50-day moving average is currently $52.97. The company has a market cap of $12.802 billion and a P/E ratio of 9.11.

Magna International last posted its quarterly earnings results on Friday, March 1st. The company reported $1.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.14 by $0.35. The company had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.74 billion. During the same quarter in the previous year, the company posted $1.32 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts predict that Magna International will post $5.39 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at BMO Capital Markets reiterated an “outperform” rating on shares of Magna International in a research note to investors on Monday. They now have a $65.00 price target on the stock, up previously from $61.00. Separately, analysts at KeyBanc upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note to investors on Monday, January 28th. They now have a $61.00 price target on the stock. Finally, analysts at KeyBanc upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note to investors on Monday, January 28th. They now have a $61.00 price target on the stock.

Eight investment analysts have rated the stock with a buy rating, one has assigned an overweight rating, six have assigned a hold rating, and three have assigned a sell rating to the stock. The company presently has an average rating of “overweight” and an average price target of $57.93.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, March 27th. Shareholders of record on Wednesday, March 13th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.31%.

Magna International Inc. (Magna) is a diversified global automotive supplier. It designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks.

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