Magna International (NYSE:MGA) Raised to Hold at ValuEngine
Several other analysts have also recently weighed in on the company. Evercore ISI reaffirmed a hold rating and issued a $52.00 price target on shares of Magna International in a report on Sunday, August 11th. Citigroup set a $63.00 price objective on Magna International and gave the company a buy rating in a report on Monday, August 26th. Zacks Investment Research cut Magna International from a hold rating to a sell rating and set a $51.00 price objective on the stock. in a report on Tuesday, July 16th. Barclays reissued a hold rating and set a $51.00 price objective on shares of Magna International in a report on Thursday, July 18th. Finally, Credit Suisse Group started coverage on Magna International in a report on Wednesday, June 26th. They set a neutral rating and a $55.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $57.67.
Shares of NYSE:MGA traded up $0.26 on Tuesday, hitting $54.32. The company’s stock had a trading volume of 36,964 shares, compared to its average volume of 834,680. The company has a 50-day simple moving average of $49.43 and a 200 day simple moving average of $49.36. Magna International has a 1 year low of $42.51 and a 1 year high of $57.85. The company has a market capitalization of $16.71 billion, a PE ratio of 8.10, a PEG ratio of 1.43 and a beta of 1.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.21 and a quick ratio of 0.84.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were issued a dividend of $0.365 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.69%. Magna International’s dividend payout ratio is 21.76%.
A number of institutional investors and hedge funds have recently bought and sold shares of MGA. Scheer Rowlett & Associates Investment Management Ltd. grew its position in Magna International by 48.7% during the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,071,757 shares of the company’s stock worth $53,442,000 after acquiring an additional 351,054 shares during the last quarter. Prudential PLC grew its position in Magna International by 172.5% during the 2nd quarter. Prudential PLC now owns 297,342 shares of the company’s stock worth $14,792,000 after acquiring an additional 188,220 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Magna International by 40.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 572,636 shares of the company’s stock worth $27,755,000 after acquiring an additional 165,443 shares during the last quarter. Cornerstone Investment Partners LLC grew its position in Magna International by 9.1% during the 2nd quarter. Cornerstone Investment Partners LLC now owns 1,371,445 shares of the company’s stock worth $68,161,000 after acquiring an additional 113,851 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Magna International by 40.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 292,640 shares of the company’s stock worth $14,592,000 after acquiring an additional 84,300 shares during the last quarter. Institutional investors and hedge funds own 55.34% of the company’s stock.
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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