Magna International (TSE:MG) Sets New 1-Year High - Here's What Happened

Key Points

• Magna International's shares reached a new 52-week high of C$66.83, trading at C$66.72 with a volume of 71,280 shares.
• Bank of America increased its price target for Magnum International from C$58.00 to C$61.00 while the stock currently has a consensus rating of "Reduce."
• The company declared a quarterly dividend of $0.485 per share, yielding 2.9%, with a dividend payout ratio of 45.07%.

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$66.83 and last traded at C$66.72, with a volume of 71280 shares changing hands. The stock had previously closed at C$66.16.

Analysts Set New Price Targets

MG has been the topic of a number of recent analyst reports. Bank of America upped their price target on shares of Magna International from C$58.00 to C$61.00 in a research note on Monday, June 16th. Cfra Research raised Magna International to a "hold" rating in a research report on Monday, August 4th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Magna International currently has a consensus rating of "Reduce" and a consensus target price of C$61.00.

Magna International Trading Up 0.9%

The company has a market cap of C$18.80 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 0.45 and a beta of 2.02. The company's fifty day moving average is C$61.99 and its two-hundred day moving average is C$54.52. The company has a debt-to-equity ratio of 61.81, a quick ratio of 0.83 and a current ratio of 1.14.

Magna International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 29th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, August 15th. Magna International's dividend payout ratio (DPR) is currently 45.07%.

About Magna International

Magna International prides itself on a highly entrepreneurial culture and a corporate constitution that outlines distribution of profits to various stakeholders. This automotive supplier's product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contracted vehicle assembly.

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