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

Key Points

• Magna International's stock has crossed above its 200-day moving average, reaching a high of C$63.67 during trading, with current trading around C$63.55.
• Several analysts have recently upgraded Magna's ratings; Cfra Research has changed its assessment to "hold," and Bank of America raised the price target from C$58.00 to C$61.00.
• The company declared a quarterly dividend of $0.485 per share, resulting in an annualized yield of 3.1% and a payout ratio of 45.07%.

Shares of Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$53.12 and traded as high as C$63.67. Magna International shares last traded at C$63.55, with a volume of 716,503 shares changing hands.

Analyst Ratings Changes

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

Magna International Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.83 and a debt-to-equity ratio of 61.81. The company's fifty day moving average is C$59.19 and its two-hundred day moving average is C$53.12. The stock has a market cap of C$17.91 billion, a price-to-earnings ratio of 14.92, a P/E/G ratio of 0.45 and a beta of 2.02.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 29th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, August 15th. Magna International's dividend payout ratio (DPR) is 45.07%.

Magna International Company Profile

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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