Magna International (NYSE:MGA) Hits New 52-Week High - Here's What Happened

Key Points

• Magna International shares reached a new 52-week high, trading at $47.33, up from a previous close of $46.15, with a total volume of 312,389 shares exchanged.
• Analysts have revised their target prices for Magna, with increases from firms like Wells Fargo and Evercore ISI, reflecting a generally positive outlook with a consensus rating of "Hold".
• The company announced a quarterly dividend of $0.485 per share, yielding 4.1%, indicating strong shareholder returns amid earnings that exceeded analyst expectations.

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG's stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $47.33 and last traded at $47.32, with a volume of 312389 shares changing hands. The stock had previously closed at $46.15.

Analysts Set New Price Targets

Several research analysts have commented on the stock. TD Securities upped their price objective on shares of Magna International from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Cfra Research upgraded shares of Magna International to a "hold" rating in a report on Monday, August 4th. Bank of America upped their price objective on shares of Magna International from $42.00 to $45.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Wells Fargo & Company upped their price objective on shares of Magna International from $37.00 to $38.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Magna International from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Magna International currently has a consensus rating of "Hold" and an average price target of $43.50.

Magna International Stock Down 0.9%

The company's 50 day moving average price is $44.05 and its two-hundred day moving average price is $38.77. The company has a current ratio of 1.16, a quick ratio of 0.82 and a debt-to-equity ratio of 0.39. The stock has a market cap of $13.22 billion, a P/E ratio of 11.02, a PEG ratio of 1.04 and a beta of 1.53.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its quarterly earnings data on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.25. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The firm had revenue of $10.82 billion for the quarter, compared to analysts' expectations of $10.10 billion. During the same quarter in the prior year, the business earned $1.35 EPS. The business's quarterly revenue was down 3.0% on a year-over-year basis. Magna International has set its FY 2025 guidance at EPS. Equities analysts forecast that Magna International Inc. will post 5.87 earnings per share for the current year.

Magna International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.485 per share. The ex-dividend date was Friday, August 15th. This represents a $1.94 dividend on an annualized basis and a yield of 4.1%. Magna International's dividend payout ratio (DPR) is presently 45.54%.

Institutional Investors Weigh In On Magna International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARGA Investment Management LP boosted its stake in Magna International by 17.0% during the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after buying an additional 436,366 shares during the period. Geode Capital Management LLC boosted its stake in Magna International by 20.2% during the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company's stock worth $77,332,000 after buying an additional 338,470 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in Magna International during the first quarter worth $8,416,000. Quantbot Technologies LP boosted its stake in Magna International by 3,849.3% during the first quarter. Quantbot Technologies LP now owns 165,908 shares of the company's stock worth $5,639,000 after buying an additional 161,707 shares during the period. Finally, ARK Investment Management LLC purchased a new position in Magna International during the first quarter worth $5,478,000. Institutional investors own 67.49% of the company's stock.

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.