Magna International Inc. Declares Quarterly Dividend of $0.49 (NYSE:MGA)

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG declared a quarterly dividend on Monday, May 5th, Wall Street Journal reports. Investors of record on Friday, May 16th will be paid a dividend of 0.485 per share on Friday, May 30th. This represents a $1.94 dividend on an annualized basis and a yield of 5.57%. The ex-dividend date is Friday, May 16th.

Magna International has raised its dividend payment by an average of 3.4% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Magna International has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Magna International to earn $6.66 per share next year, which means the company should continue to be able to cover its $1.94 annual dividend with an expected future payout ratio of 29.1%.

Magna International Stock Performance

NYSE:MGA traded up $0.30 during mid-day trading on Friday, hitting $34.82. 818,877 shares of the company traded hands, compared to its average volume of 1,767,964. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.35. The stock's fifty day moving average price is $34.45 and its 200-day moving average price is $39.07. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 9.92, a price-to-earnings-growth ratio of 0.63 and a beta of 1.52. Magna International has a one year low of $30.39 and a one year high of $48.18.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.12). Magna International had a net margin of 2.36% and a return on equity of 12.78%. The company had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. During the same quarter last year, the firm posted $1.08 earnings per share. The company's revenue was down 8.2% compared to the same quarter last year. Research analysts anticipate that Magna International will post 5.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MGA. Royal Bank of Canada dropped their target price on shares of Magna International from $32.00 to $31.00 and set a "sector perform" rating for the company in a report on Tuesday. Scotiabank cut their target price on Magna International from $45.00 to $38.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Veritas raised Magna International to a "hold" rating in a report on Thursday, April 24th. Evercore ISI cut their price objective on shares of Magna International from $50.00 to $45.00 and set an "in-line" rating for the company in a report on Tuesday, February 18th. Finally, Morgan Stanley lowered their target price on shares of Magna International from $43.00 to $40.00 and set an "equal weight" rating on the stock in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $42.13.

About Magna International

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.