Magna International (NYSE:MGA) Shares Down 3.3% After Earnings Miss

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG's stock price fell 3.3% on Friday following a weaker than expected earnings announcement. The company traded as low as $33.43 and last traded at $33.86. 631,440 shares were traded during trading, a decline of 64% from the average session volume of 1,774,472 shares. The stock had previously closed at $35.01.

The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.12). The firm had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.66 billion. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The firm's revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.08 EPS.

Magna International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 5.90%. The ex-dividend date is Friday, May 16th. Magna International's dividend payout ratio (DPR) is currently 48.50%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Evercore ISI dropped their target price on Magna International from $50.00 to $45.00 and set an "in-line" rating on the stock in a report on Tuesday, February 18th. Barclays decreased their price target on shares of Magna International from $47.00 to $37.00 and set an "equal weight" rating for the company in a report on Tuesday, April 15th. Bank of America downgraded Magna International from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $52.00 to $48.00 in a research report on Tuesday, March 4th. Veritas raised shares of Magna International to a "hold" rating in a report on Thursday, April 24th. Finally, Raymond James decreased their price target on Magna International from $53.00 to $50.00 and set a "market perform" rating on the stock in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.13.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently added to or reduced their stakes in the business. Avior Wealth Management LLC raised its holdings in shares of Magna International by 2,400.0% in the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company's stock worth $26,000 after acquiring an additional 600 shares during the last quarter. Versant Capital Management Inc purchased a new stake in shares of Magna International in the first quarter valued at about $27,000. Cromwell Holdings LLC lifted its position in shares of Magna International by 131.6% during the first quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock valued at $28,000 after purchasing an additional 466 shares in the last quarter. LRI Investments LLC boosted its holdings in Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company's stock worth $32,000 after purchasing an additional 723 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Magna International in the 4th quarter valued at about $33,000. 67.49% of the stock is currently owned by institutional investors.

Magna International Stock Performance

The stock has a market cap of $9.27 billion, a P/E ratio of 9.38, a PEG ratio of 0.63 and a beta of 1.52. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The company's 50-day simple moving average is $34.51 and its 200 day simple moving average is $39.23.

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.