Magna International (NYSE:MGA) Shares Down 7.8% - What's Next?

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG shares traded down 7.8% during trading on Thursday . The stock traded as low as $34.56 and last traded at $34.71. 740,386 shares were traded during trading, a decline of 56% from the average session volume of 1,684,318 shares. The stock had previously closed at $37.65.

Wall Street Analysts Forecast Growth

MGA has been the topic of several research reports. Wells Fargo & Company reduced their target price on Magna International from $46.00 to $44.00 and set an "equal weight" rating on the stock in a report on Monday, December 16th. TD Securities lowered their target price 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. Scotiabank reduced their price target on shares of 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. Morgan Stanley lowered their price objective on shares of Magna International from $43.00 to $40.00 and set an "equal weight" rating for the company in a research report on Monday, March 3rd. Finally, CIBC reduced their target price on shares of Magna International from $44.00 to $36.50 and set a "neutral" rating on the stock in a report on Wednesday, March 5th. 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $47.03.

Remove Ads

Magna International Stock Down 0.1 %

The company has a market cap of $9.57 billion, a PE ratio of 9.68, a P/E/G ratio of 0.63 and a beta of 1.65. The company's 50 day moving average is $38.03 and its 200 day moving average is $40.88. 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 released its quarterly earnings data on Friday, February 14th. The company reported $1.69 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 company had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $10.32 billion. During the same period last year, the business posted $1.33 EPS. Magna International's quarterly revenue was up 1.7% on a year-over-year basis. As a group, analysts predict that Magna International Inc. will post 5.87 earnings per share for the current fiscal year.

Magna International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.485 per share. This is an increase from Magna International's previous quarterly dividend of $0.48. The ex-dividend date was Friday, February 28th. This represents a $1.94 dividend on an annualized basis and a yield of 5.71%. Magna International's dividend payout ratio (DPR) is 55.27%.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently modified their holdings of MGA. BNP Paribas Financial Markets boosted its position in Magna International by 117,113.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company's stock valued at $3,464,000 after acquiring an additional 84,322 shares in the last quarter. ARGA Investment Management LP purchased a new stake in shares of Magna International during the 3rd quarter worth $40,710,000. Public Employees Retirement System of Ohio bought a new stake in Magna International during the third quarter valued at about $1,040,000. Geode Capital Management LLC grew its stake in Magna International by 2.9% in the third quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company's stock valued at $46,799,000 after purchasing an additional 32,000 shares during the last quarter. Finally, Toronto Dominion Bank lifted its position in Magna International by 1.2% during the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company's stock valued at $66,810,000 after acquiring an additional 18,704 shares during the last quarter. 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.