Magna International (NYSE:MGA) Raised to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sector perform rating to an outperform rating in a research note issued to investors on Friday, Marketbeat reports. Royal Bank of Canada currently has $52.00 target price on the stock, up from their previous target price of $41.00.

MGA has been the topic of a number of other research reports. TD Securities dropped their price target on Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and reduced their price target for the company from $42.00 to $41.00 in a research report on Wednesday, December 11th. Wolfe Research upgraded Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Scotiabank upped their target price on Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.53.

Magna International Price Performance

NYSE MGA opened at $41.13 on Friday. Magna International has a 12 month low of $38.01 and a 12 month high of $59.37. The firm has a market capitalization of $11.63 billion, a PE ratio of 11.00, a P/E/G ratio of 0.63 and a beta of 1.62. The company’s 50 day simple moving average is $42.77 and its 200 day simple moving average is $42.16. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a return on equity of 11.88% and a net margin of 2.52%. The business had revenue of $10.28 billion during the quarter, compared to the consensus estimate of $10.34 billion. During the same quarter last year, the firm posted $1.46 earnings per share. Magna International’s revenue was down 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Magna International will post 5.22 EPS for the current fiscal year.

Magna International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.475 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.90 annualized dividend and a dividend yield of 4.62%. Magna International’s dividend payout ratio is presently 50.80%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its stake in shares of Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after buying an additional 93,637 shares in the last quarter. Systematic Financial Management LP raised its position in Magna International by 6.0% in the 2nd quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock worth $1,747,000 after purchasing an additional 2,355 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after buying an additional 513 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Magna International by 11.2% in the 3rd quarter. SG Americas Securities LLC now owns 37,628 shares of the company’s stock valued at $1,544,000 after buying an additional 3,794 shares during the period. Finally, Tobam raised its position in shares of Magna International by 94.3% during the third quarter. Tobam now owns 4,373 shares of the company’s stock worth $179,000 after acquiring an additional 2,122 shares during the last quarter. Institutional investors 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.