Magna International (MGA) Coverage Initiated by Analysts at Barclays

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Barclays began coverage on shares of Magna International (NYSE:MGA) (TSE:MG) in a report published on Wednesday morning, The Fly reports. The brokerage issued an equal weight rating on the stock.

Several other equities analysts have also recently commented on MGA. Zacks Investment Research cut Magna International from a buy rating to a hold rating in a report on Thursday, July 19th. ValuEngine cut Magna International from a buy rating to a hold rating in a report on Thursday, August 2nd. Royal Bank of Canada cut their price target on Magna International from $76.00 to $74.00 and set an outperform rating for the company in a report on Thursday, August 9th. Citigroup cut their price target on Magna International from $77.00 to $69.00 and set a buy rating for the company in a report on Thursday, August 9th. Finally, TD Securities cut their price target on Magna International from $69.00 to $63.00 and set a hold rating for the company in a report on Thursday, August 9th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $65.44.

Magna International stock opened at $47.81 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $17.86 billion, a price-to-earnings ratio of 8.02, a PEG ratio of 0.90 and a beta of 1.36. Magna International has a 12 month low of $46.77 and a 12 month high of $67.47.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.07). The firm had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.45 billion. Magna International had a net margin of 5.72% and a return on equity of 19.72%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the company earned $1.48 EPS. As a group, analysts expect that Magna International will post 6.85 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 31st were paid a $0.33 dividend. This is a positive change from Magna International’s previous quarterly dividend of $0.26. This represents a $1.32 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, August 30th. Magna International’s dividend payout ratio is currently 22.15%.

Several hedge funds have recently added to or reduced their stakes in the company. CIBC World Markets Inc. grew its stake in shares of Magna International by 11.3% in the 1st quarter. CIBC World Markets Inc. now owns 4,885,794 shares of the company’s stock valued at $275,314,000 after purchasing an additional 494,591 shares during the period. Toronto Dominion Bank grew its position in Magna International by 111.8% during the 2nd quarter. Toronto Dominion Bank now owns 2,118,571 shares of the company’s stock worth $122,854,000 after acquiring an additional 1,118,411 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Magna International by 10.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,308,221 shares of the company’s stock worth $76,091,000 after acquiring an additional 122,538 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Magna International by 19.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 981,005 shares of the company’s stock worth $57,021,000 after acquiring an additional 159,090 shares during the last quarter. Finally, James Investment Research Inc. grew its position in Magna International by 1.1% during the 2nd quarter. James Investment Research Inc. now owns 631,354 shares of the company’s stock worth $36,701,000 after acquiring an additional 7,006 shares during the last quarter. Institutional investors own 59.53% of the company’s stock.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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The Fly

Analyst Recommendations for Magna International (NYSE:MGA)

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