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

Key Points

• Magna International's stock price has recently crossed above its 200-day moving average, reaching a high of C$58.63 during trading, with the last traded price at C$57.05.
• Analysts have mixed opinions on the stock, with **Bank of America** raising its price target from C$58.00 to C$61.00, while **Royal Bank of Canada** downgraded it from "moderate buy" to "hold".
• The company also announced a quarterly dividend of **$0.485**, reflecting an annual yield of **3.4%**, with the ex-dividend date set for August 15th.

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA's share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$52.26 and traded as high as C$58.63. Magna International shares last traded at C$57.05, with a volume of 718,465 shares changing hands.

Analyst Ratings Changes

MG has been the subject of a number of research reports. Veritas upgraded Magna International to a "hold" rating in a research report on Thursday, April 24th. Royal Bank Of Canada lowered Magna International from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 11th. Bank of America boosted their target price on Magna International from C$58.00 to C$61.00 in a research report on Monday, June 16th. Finally, Cfra Research upgraded Magna International to a "hold" rating in a research report on Monday, August 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of C$61.00.

Magna International Trading Down 0.1%

The company has a debt-to-equity ratio of 61.81, a quick ratio of 0.83 and a current ratio of 1.14. The business has a fifty day simple moving average of C$54.73 and a 200 day simple moving average of C$52.32. The stock has a market capitalization of C$11.83 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 0.45 and a beta of 1.60.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, August 15th. Magna International's dividend payout ratio is 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.