Magna International (TSE:MG) Stock Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Magna International's share price has recently crossed above its 200-day moving average of C$52.45, reaching a high of C$61.87 during trading.
• The company declared a quarterly dividend of $0.485, translating to an annual dividend of $1.94 with a yield of 3.2%.
• Multiple analysts have raised Magna's rating to "hold," while the average price target is set at C$61.00, indicating a cautiously optimistic outlook for the stock.

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$52.45 and traded as high as C$61.87. Magna International shares last traded at C$61.48, with a volume of 553,189 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Cfra Research upgraded Magna International to a "hold" rating in a research report on Monday, August 4th. Bank of America lifted their price target on Magna International from C$58.00 to C$61.00 in a research report on Monday, June 16th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of C$61.00.

Magna International Stock Up 3.6%

The company has a market cap of C$12.89 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60. The company has a 50 day moving average of C$56.85 and a 200-day moving average of C$52.56. The company has a debt-to-equity ratio of 61.81, a current ratio of 1.14 and a quick ratio of 0.83.

Magna International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.94 annualized dividend and a yield of 3.0%. Magna International's dividend payout ratio (DPR) is currently 48.07%.

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.