Magna International (TSE:MG) Shares Down 4.9% - Here's What Happened

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA shares dropped 4.9% on Thursday . The stock traded as low as C$51.12 and last traded at C$51.12. Approximately 63,008 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,659,405 shares. The stock had previously closed at C$53.77.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MG shares. Wolfe Research raised Magna International from a "strong sell" rating to a "hold" rating in a research report on Thursday, December 5th. Royal Bank of Canada upgraded Magna International from a "hold" rating to a "moderate buy" rating in a report on Friday, January 24th. Finally, The Goldman Sachs Group lowered shares of Magna International from a "hold" rating to a "strong sell" rating in a report on Wednesday, December 11th.

Magna International Stock Up 0.8 %

The firm's 50 day moving average price is C$54.52 and its two-hundred day moving average price is C$57.46. The firm has a market capitalization of C$9.93 billion, a PE ratio of 9.22, a P/E/G ratio of 0.45 and a beta of 1.60. The company has a quick ratio of 0.83, a current ratio of 1.14 and a debt-to-equity ratio of 61.81.

Magna International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, March 14th were issued a $0.485 dividend. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from Magna International's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 3.95%. Magna International's dividend payout ratio is currently 48.07%.

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About Magna International

Magna International prides itself on a highly entrepreneurial culture and a corporate constitution that outlines distribution of profits to various stakeholders. This automotive supplier's product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contracted vehicle assembly.