Magna International (NYSE:MGA) Downgraded by Bank of America to "Neutral"

Bank of America lowered shares of Magna International (NYSE:MGA - Free Report) TSE: MG from a buy rating to a neutral rating in a report released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $48.00 target price on the stock, down from their prior target price of $52.00.

Other analysts have also issued reports about the company. Evercore ISI lowered their target price on Magna International from $50.00 to $45.00 and set an "in-line" rating for the company in a research note on Tuesday, February 18th. Raymond James lowered their price objective on shares of 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. The Goldman Sachs Group downgraded shares of Magna International from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $42.00 to $41.00 in a research note on Wednesday, December 11th. Royal Bank of Canada decreased their price target on shares of Magna International from $52.00 to $51.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 18th. Finally, UBS Group dropped their price objective on shares of Magna International from $44.00 to $41.00 and set a "neutral" rating for the company in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $47.03.

Magna International Price Performance

Shares of MGA traded up $2.72 during trading hours on Tuesday, hitting $36.86. The stock had a trading volume of 2,657,906 shares, compared to its average volume of 1,650,580. The stock has a market capitalization of $10.40 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 0.63 and a beta of 1.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. The company's fifty day moving average is $39.66 and its two-hundred day moving average is $41.45. Magna International has a 52 week low of $33.30 and a 52 week high of $56.12.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The firm had revenue of $10.63 billion for the quarter, compared to analysts' expectations of $10.32 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. The company's quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts anticipate that Magna International will post 5.87 EPS for the current year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 5.26%. This is a boost from Magna International's previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, February 28th. Magna International's payout ratio is presently 55.27%.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the business. 1620 Investment Advisors Inc. grew its holdings in shares of Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company's stock worth $328,000 after buying an additional 276 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Magna International by 37.2% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company's stock valued at $46,000 after purchasing an additional 301 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Magna International by 43.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company's stock worth $43,000 after purchasing an additional 312 shares in the last quarter. Avior Wealth Management LLC boosted its holdings in Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company's stock worth $26,000 after purchasing an additional 600 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings 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 purchasing an additional 723 shares during the last quarter. Institutional investors own 67.49% of the company's stock.

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.