Magna International Inc. (NYSE:MGA) (TSE:MG) announced a quarterly dividend on Tuesday, August 7th, Zacks reports. Stockholders of record on Friday, August 31st will be given a dividend of 0.33 per share on Friday, September 14th. This represents a $1.32 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, August 30th. This is a positive change from Magna International’s previous quarterly dividend of $0.26.

Magna International has raised its dividend by an average of 13.1% annually over the last three years and has increased its dividend every year for the last 6 years. Magna International has a dividend payout ratio of 19.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Magna International to earn $7.33 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 18.0%.

Shares of MGA remained flat at $$52.66 during trading hours on Friday. 1,068,789 shares of the stock traded hands, compared to its average volume of 1,413,510. Magna International has a 52 week low of $45.90 and a 52 week high of $67.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 1.17. The firm has a market capitalization of $18.56 billion, a PE ratio of 8.84, a PEG ratio of 0.92 and a beta of 1.38.

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

A number of equities research analysts have commented on the stock. Morgan Stanley reduced their price target on shares of Magna International from $53.00 to $48.00 and set a “sell” rating for the company in a report on Monday, August 13th. TD Securities reduced their price target on shares of Magna International from $69.00 to $63.00 and set a “hold” rating for the company in a report on Thursday, August 9th. Citigroup reduced their price target on shares of Magna International from $77.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, August 9th. Royal Bank of Canada reduced their price target on shares of Magna International from $76.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, August 9th. Finally, ValuEngine cut shares of Magna International from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. Magna International has an average rating of “Buy” and an average price target of $65.88.

About Magna International

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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Dividend History for Magna International (NYSE:MGA)

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