Magna International Inc. (NYSE:MGA) to Issue $0.37 Quarterly Dividend
Magna International Inc. (NYSE:MGA) (TSE:MG) declared a quarterly dividend on Thursday, August 8th, NASDAQ reports. Shareholders of record on Friday, August 23rd will be given a dividend of 0.365 per share on Friday, September 6th. This represents a $1.46 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Thursday, August 22nd.
Magna International has increased its dividend payment by an average of 14.5% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Magna International has a payout ratio of 21.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Magna International to earn $6.60 per share next year, which means the company should continue to be able to cover its $1.46 annual dividend with an expected future payout ratio of 22.1%.
Magna International stock opened at $47.82 on Wednesday. The stock has a market cap of $14.97 billion, a P/E ratio of 7.13, a P/E/G ratio of 1.27 and a beta of 1.63. The company has a quick ratio of 0.84, a current ratio of 1.21 and a debt-to-equity ratio of 0.26. Magna International has a twelve month low of $42.51 and a twelve month high of $57.85. The company’s 50-day moving average price is $48.51 and its two-hundred day moving average price is $49.55.
Several research analysts have recently commented on MGA shares. Wolfe Research cut shares of Magna International from an “outperform” rating to a “peer perform” rating in a report on Wednesday, May 1st. Zacks Investment Research cut shares of Magna International from a “hold” rating to a “sell” rating and set a $51.00 target price on the stock. in a report on Tuesday, July 16th. Credit Suisse Group started coverage on shares of Magna International in a report on Wednesday, June 26th. They set a “neutral” rating and a $55.00 target price on the stock. Barclays reaffirmed a “hold” rating and set a $51.00 target price on shares of Magna International in a report on Thursday, July 18th. Finally, ValuEngine cut shares of Magna International from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $57.56.
About Magna International
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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