Magna International (NYSE:MGA) Given New $36.50 Price Target at CIBC

Magna International (NYSE:MGA - Free Report) TSE: MG had its price objective trimmed by CIBC from $44.00 to $36.50 in a report issued on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

MGA has been the topic of a number of other research reports. TD Securities dropped their price target on Magna International from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Tuesday, February 18th. Morgan Stanley dropped their price target on Magna International from $43.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Monday, March 3rd. Royal Bank of Canada dropped their price target on Magna International from $52.00 to $51.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 18th. Raymond James dropped their price target on Magna International from $53.00 to $50.00 and set a "market perform" rating on the stock in a research report on Tuesday, February 18th. Finally, Scotiabank dropped their price target on Magna International from $49.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $47.03.

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Magna International Stock Up 1.7 %

Magna International stock traded up $0.64 during trading on Wednesday, hitting $38.06. 1,604,944 shares of the company were exchanged, compared to its average volume of 1,660,717. The business's 50 day moving average is $39.37 and its 200 day moving average is $41.37. Magna International has a 52 week low of $33.30 and a 52 week high of $56.12. The company has a market capitalization of $10.74 billion, a P/E ratio of 10.84, a PEG ratio of 0.63 and a beta of 1.65. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGA - Get Free Report) 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. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The business had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. Magna International's revenue was up 1.7% compared to the same quarter last year. Analysts predict that Magna International will post 5.87 earnings per share for the current year.

Magna International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.485 per share. This is a boost from Magna International's previous quarterly dividend of $0.48. The ex-dividend date is Friday, February 28th. This represents a $1.94 dividend on an annualized basis and a yield of 5.10%. Magna International's payout ratio is presently 55.27%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. 1620 Investment Advisors Inc. raised its stake in Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company's stock valued at $328,000 after buying an additional 276 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in Magna International by 37.2% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company's stock valued at $46,000 after buying an additional 301 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Magna International by 43.1% in the 4th 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 increased its holdings in shares of Magna International by 2,400.0% in the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company's stock worth $26,000 after purchasing an additional 600 shares in the last quarter. Finally, LRI Investments LLC increased its holdings in shares of Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company's stock worth $32,000 after purchasing an additional 723 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company's stock.

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.