Royal Bank of Canada Lowers Magna International (NYSE:MGA) Price Target to $42.00

Magna International (NYSE:MGA - Free Report) TSE: MG had its price objective trimmed by Royal Bank of Canada from $47.00 to $42.00 in a research note released on Tuesday morning, BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

Several other equities research analysts have also commented on the stock. UBS Group decreased their target price on shares of Magna International from $51.00 to $46.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their target price on shares of Magna International from $63.00 to $55.00 and set an "overweight" rating for the company in a report on Tuesday, August 6th. Wolfe Research reissued an "underperform" rating on shares of Magna International in a research note on Thursday, September 5th. BMO Capital Markets reduced their price objective on Magna International from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Monday, July 22nd. Finally, Wells Fargo & Company upped their target price on Magna International from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $49.65.

Magna International Stock Performance

MGA traded down $1.34 during trading on Tuesday, hitting $41.62. The stock had a trading volume of 987,895 shares, compared to its average volume of 1,577,443. The firm has a market capitalization of $11.96 billion, a P/E ratio of 11.82, a PEG ratio of 0.67 and a beta of 1.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. Magna International has a twelve month low of $38.01 and a twelve month high of $60.32. The company's 50-day moving average price is $41.37 and its 200 day moving average price is $43.33.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter last year, the firm earned $1.50 earnings per share. The company's revenue was down .2% compared to the same quarter last year. On average, equities research analysts forecast that Magna International will post 5.4 EPS for the current fiscal year.

Magna International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend was Friday, August 16th. Magna International's dividend payout ratio (DPR) is 53.98%.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Magna International by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company's stock valued at $72,000 after purchasing an additional 319 shares in the last quarter. Grove Bank & Trust increased its position in shares of Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company's stock worth $34,000 after acquiring an additional 343 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company's stock valued at $46,000 after acquiring an additional 513 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Magna International in the first quarter worth about $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Magna International in the second quarter valued at approximately $28,000. Institutional investors and hedge funds 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.