Magna International (NYSE:MGA) Sets New 52-Week Low at $42.83

Magna International Inc. (NYSE:MGA) (TSE:MG) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $42.83 and last traded at $42.97, with a volume of 144007 shares changing hands. The stock had previously closed at $43.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MGA shares. Morgan Stanley cut their target price on shares of Magna International from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. TD Securities dropped their price objective on Magna International from $63.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. Raymond James reduced their target price on Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a report on Monday, May 6th. Evercore lowered their price target on Magna International from $62.00 to $60.00 and set an “in-line” rating for the company in a report on Monday, May 6th. Finally, National Bankshares cut their price objective on Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a report on Monday, May 6th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Magna International has an average rating of “Hold” and an average target price of $60.00.

Magna International Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The company has a fifty day moving average price of $47.74 and a two-hundred day moving average price of $52.81. The company has a market cap of $12.33 billion, a P/E ratio of 12.40, a PEG ratio of 0.56 and a beta of 1.63.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.96%. The company had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same quarter in the prior year, the business earned $1.11 earnings per share. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Magna International Inc. will post 5.81 earnings per share for the current fiscal year.

Magna International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend was Thursday, May 16th. Magna International’s dividend payout ratio (DPR) is presently 53.98%.

Institutional Investors Weigh In On Magna International

Several hedge funds have recently bought and sold shares of the company. Pzena Investment Management LLC raised its stake in Magna International by 58.2% in the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after buying an additional 3,609,429 shares during the period. Toronto Dominion Bank increased its holdings in shares of Magna International by 8.7% during the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after acquiring an additional 157,808 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Magna International by 35.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after purchasing an additional 2,727 shares during the last quarter. Finally, QV Investors Inc. lifted its holdings in Magna International by 1.0% during the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock valued at $36,378,000 after purchasing an additional 6,895 shares during the last quarter. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.