Cfra Research Upgrades Magna International (NYSE:MGA) to Hold

Key Points

• Magna International (NYSE:MGA) was upgraded to a "hold" rating by Cfra Research, with a consensus target price of $42.36.
• Scotiabank and Barclays recently adjusted their price targets, increasing them to $44.00 and $45.00, respectively, indicating a generally positive outlook among analysts.
• The company reported earnings of $1.44 per share for the latest quarter, surpassing analysts' expectations, but saw a 3% decline in revenue compared to the previous year.

Cfra Research upgraded shares of Magna International (NYSE:MGA - Free Report) TSE: MG to a hold rating in a report issued on Monday, August 4th,Zacks.com reports.

Other research analysts have also issued research reports about the company. Wells Fargo & Company boosted their price target on Magna International from $37.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. TD Securities increased their target price on Magna International from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Evercore ISI upped their price objective on Magna International from $37.00 to $40.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. CIBC increased their target price on Magna International from $33.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. raised their price objective on Magna International from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Magna International currently has an average rating of "Hold" and a consensus price target of $42.36.

Magna International Price Performance

Shares of NYSE:MGA traded down $0.41 during midday trading on Monday, reaching $42.06. The company's stock had a trading volume of 347,715 shares, compared to its average volume of 1,805,839. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $47.22. The company has a market capitalization of $11.85 billion, a P/E ratio of 9.89, a P/E/G ratio of 0.97 and a beta of 1.51. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. The business's fifty day simple moving average is $40.01 and its 200-day simple moving average is $37.39.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its earnings results on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.25. Magna International had a return on equity of 11.89% and a net margin of 2.91%. The company had revenue of $10.82 billion during the quarter, compared to analyst estimates of $10.10 billion. During the same period last year, the company posted $1.35 earnings per share. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. As a group, equities research analysts expect that Magna International will post 5.87 EPS for the current fiscal year.

Magna International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, August 15th. Magna International's dividend payout ratio is 45.54%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Cromwell Holdings LLC lifted its position in Magna International by 131.6% during the first quarter. Cromwell Holdings LLC now owns 820 shares of the company's stock worth $28,000 after buying an additional 466 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Magna International in the second quarter valued at $27,000. Versant Capital Management Inc acquired a new stake in shares of Magna International in the first quarter valued at $27,000. Integrated Wealth Concepts LLC raised its position in shares of Magna International by 19.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,808 shares of the company's stock worth $231,000 after acquiring an additional 1,123 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Magna International by 385.1% during the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company's stock worth $55,000 after purchasing an additional 1,136 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.