Magna International (NYSE:MGA) Cut to “Neutral” at Bank of America

Bank of America lowered shares of Magna International (NYSE:MGA) (TSE:MG) from a buy rating to a neutral rating in a research report report published on Tuesday, Marketbeat Ratings reports. The firm currently has $48.00 price target on the stock, down from their previous price target of $52.00.

MGA has been the subject of a number of other reports. Barclays decreased their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Scotiabank decreased their price target on Magna International from $49.00 to $45.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 18th. TD Securities decreased their price target on Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Raymond James decreased their price target on Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a research report on Tuesday, February 18th. Finally, Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Magna International currently has a consensus rating of “Hold” and an average target price of $47.03.

Magna International Stock Up 1.6 %

Shares of NYSE:MGA opened at $37.39 on Tuesday. The business’s 50 day simple moving average is $39.55 and its two-hundred day simple moving average is $41.42. The firm has a market cap of $10.55 billion, a P/E ratio of 10.65, a PEG ratio of 0.63 and a beta of 1.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. Magna International has a 52-week low of $33.30 and a 52-week high of $56.12.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.23. The business had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. As a group, research analysts forecast that Magna International will post 5.87 EPS for the current fiscal year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.19%. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, February 28th. Magna International’s payout ratio is presently 55.27%.

Institutional Trading of Magna International

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its stake in shares of Magna International by 99.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company’s stock valued at $2,108,000 after purchasing an additional 25,142 shares during the period. Systematic Financial Management LP grew its position in Magna International by 19.9% during the fourth quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock worth $2,041,000 after buying an additional 8,100 shares in the last quarter. LRI Investments LLC grew its position in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares in the last quarter. Ameriprise Financial Inc. grew its position in Magna International by 9.0% during the fourth quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock worth $2,010,000 after buying an additional 3,956 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Magna International by 52.3% during the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock worth $100,087,000 after buying an additional 822,375 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

Magna International Company Profile

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.