Magna International (NYSE:MGA) Downgraded by Evercore

Evercore downgraded shares of Magna International (NYSE:MGA) (TSE:MG) from an outperform rating to an in-line rating in a research note released on Monday, BayStreet.CA reports. Evercore currently has $62.00 price target on the stock, down from their prior price target of $75.00.

Several other research analysts have also recently issued reports on MGA. Royal Bank of Canada decreased their target price on shares of Magna International from $61.00 to $60.00 and set a sector perform rating for the company in a report on Monday, February 12th. UBS Group lifted their price target on shares of Magna International from $59.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, January 17th. Wells Fargo & Company reduced their price target on shares of Magna International from $60.00 to $54.00 and set an equal weight rating for the company in a research note on Monday, February 12th. Citigroup reduced their price target on shares of Magna International from $60.00 to $57.00 and set a neutral rating for the company in a research note on Monday, February 12th. Finally, TD Securities reduced their price target on shares of Magna International from $73.00 to $69.00 and set a buy rating for the company in a research note on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $62.93.

Magna International Stock Down 1.9 %

Shares of Magna International stock opened at $47.84 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The stock has a market capitalization of $13.74 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.50 and a beta of 1.69. Magna International has a 52-week low of $46.71 and a 52-week high of $65.27. The company has a 50-day simple moving average of $53.56 and a two-hundred day simple moving average of $54.32.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). The firm had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.44 billion. Magna International had a return on equity of 13.15% and a net margin of 2.83%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. On average, analysts anticipate that Magna International will post 6.11 EPS for the current fiscal year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.97%. This is a positive change from Magna International’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, February 22nd. Magna International’s payout ratio is 45.02%.

Institutional Trading of Magna International

Several large investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC boosted its position in shares of Magna International by 58.2% in the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares during the period. Toronto Dominion Bank boosted its position in shares of Magna International by 8.7% in the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Magna International by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares during the period. Geode Capital Management LLC boosted its position in shares of Magna International by 5.6% in the first quarter. Geode Capital Management LLC now owns 905,672 shares of the company’s stock worth $48,821,000 after purchasing an additional 47,858 shares during the period. Finally, QV Investors Inc. boosted its position in shares of Magna International by 20.7% in the fourth quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock worth $39,202,000 after purchasing an additional 113,332 shares during the period. 67.49% of the stock is currently 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.