Magna International (MG) Hits New 52-Week Low at $58.68

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Magna International Inc. (TSE:MG) (NYSE:MGA) reached a new 52-week low on Tuesday . The company traded as low as C$58.68 and last traded at C$58.85, with a volume of 237039 shares changing hands. The stock had previously closed at C$59.87.

MG has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered Magna International from a “neutral” rating to an “underweight” rating and boosted their target price for the company from C$66.00 to C$67.00 in a research note on Monday, February 25th. CIBC boosted their target price on Magna International from C$60.00 to C$63.00 in a research note on Monday, February 25th. BMO Capital Markets lowered Magna International from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 21st. Finally, Seaport Global Securities reaffirmed a “buy” rating on shares of Magna International in a research report on Tuesday, April 16th.

The stock has a market cap of $19.30 billion and a P/E ratio of 7.36. The company has a debt-to-equity ratio of 44.04, a current ratio of 1.22 and a quick ratio of 0.84.

Magna International (TSE:MG) (NYSE:MGA) last released its quarterly earnings results on Friday, February 22nd. The company reported C$2.15 EPS for the quarter, beating analysts’ consensus estimates of C$2.13 by C$0.02. The business had revenue of C$13.40 billion for the quarter, compared to the consensus estimate of C$13.45 billion. Equities analysts predict that Magna International Inc. will post 7.19000010829732 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $0.489 per share. This is a positive change from Magna International’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $1.96 dividend on an annualized basis and a yield of 3.28%. Magna International’s dividend payout ratio is presently 16.74%.

In other Magna International news, Senior Officer James Joseph Tobin Sr. sold 5,002 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of C$65.06, for a total transaction of C$325,444.13. Following the transaction, the insider now owns 60,585 shares in the company, valued at approximately C$3,941,829.74. Also, Director Tommy Joseph Skudutis sold 56,411 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of C$71.03, for a total value of C$4,006,873.33. Following the transaction, the director now owns 9,574 shares in the company, valued at approximately C$680,041.22. Insiders have sold a total of 131,913 shares of company stock valued at $9,262,382 in the last ninety days.

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About Magna International (TSE:MG)

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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