Magna International (NYSE:MGA) Reaches New 1-Year High After Analyst Upgrade

Magna International Inc. (NYSE:MGA) (TSE:MG)’s share price reached a new 52-week high during mid-day trading on Tuesday after Scotiabank raised their price target on the stock from $74.00 to $78.00. Scotiabank currently has a sector outperform rating on the stock. Magna International traded as high as $70.39 and last traded at $69.94, with a volume of 1595646 shares traded. The stock had previously closed at $67.87.

MGA has been the topic of several other research reports. The Goldman Sachs Group reduced their target price on shares of Magna International from $60.00 to $52.00 and set a “sell” rating on the stock in a report on Tuesday, April 14th. Canadian Imperial Bank of Commerce cut their price objective on Magna International to $74.00 in a research report on Monday, May 4th. Weiss Ratings upgraded Magna International from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their target price on Magna International from $66.00 to $69.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Zacks Research downgraded Magna International from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $67.33.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Magna International by 35.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company’s stock worth $42,000 after purchasing an additional 205 shares during the last quarter. 1620 Investment Advisors Inc. grew its stake in Magna International by 2.7% during the 4th quarter. 1620 Investment Advisors Inc. now owns 8,232 shares of the company’s stock worth $439,000 after buying an additional 215 shares during the last quarter. Van ECK Associates Corp grew its stake in Magna International by 2.6% during the 4th quarter. Van ECK Associates Corp now owns 9,114 shares of the company’s stock worth $486,000 after buying an additional 235 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Magna International by 1.8% in the third quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock worth $675,000 after buying an additional 246 shares during the period. Finally, Parallel Advisors LLC increased its position in Magna International by 9.1% in the first quarter. Parallel Advisors LLC now owns 3,299 shares of the company’s stock worth $184,000 after buying an additional 275 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Price Performance

The company has a market capitalization of $18.69 billion, a P/E ratio of 25.31, a PEG ratio of 0.93 and a beta of 1.44. The company has a quick ratio of 0.88, a current ratio of 1.22 and a debt-to-equity ratio of 0.38. The business has a 50 day simple moving average of $65.90 and a 200-day simple moving average of $61.13.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, July 31st. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.53 by $0.33. The business had revenue of $10.84 billion during the quarter, compared to analyst estimates of $10.63 billion. Magna International had a net margin of 1.80% and a return on equity of 14.87%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.44 earnings per share. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. Analysts predict that Magna International Inc. will post 6.91 EPS for the current fiscal year.

Magna International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.495 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.98 annualized dividend and a yield of 2.8%. Magna International’s payout ratio is presently 71.74%.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.