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

Key Points

• Magna International shares crossed above their 200-day moving average, reaching C$99.28 before closing at C$97.96, compared with the 200-day average of C$86.67.
• Analyst sentiment is strongly positive: Veritas and Scotiabank upgraded the stock to “Strong Buy,” while four analysts rate it Strong Buy and one rates it Hold.
• The company reported quarterly earnings of C$2.64 per share on C$15.60 billion in revenue and declared a quarterly dividend of C$0.495, equivalent to an annualized yield of about 2.0%. Insiders have sold more than 110,000 shares worth roughly C$10.1 million over the past 90 days.

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$86.67 and traded as high as C$99.28. Magna International shares last traded at C$97.96, with a volume of 651,908 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Veritas raised shares of Magna International to a "strong-buy" rating in a research report on Monday, May 4th. Scotiabank upgraded shares of Magna International from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 23rd. Four research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Buy".

Magna International Price Performance

The business has a 50-day simple moving average of C$94.12 and a 200 day simple moving average of C$86.67. The firm has a market cap of C$27.08 billion, a P/E ratio of 36.01, a price-to-earnings-growth ratio of 0.45 and a beta of 2.11. The company has a debt-to-equity ratio of 55.07, a quick ratio of 0.83 and a current ratio of 1.22.

Magna International (TSE:MG - Get Free Report) NYSE: MGA last released its quarterly earnings data on Friday, July 31st. The company reported C$2.64 earnings per share for the quarter. The business had revenue of C$15.60 billion during the quarter. Magna International had a return on equity of 6.15% and a net margin of 1.77%. On average, analysts anticipate that Magna International Inc. will post 8.8948171 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 28th will be paid a $0.495 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.98 dividend on an annualized basis and a yield of 2.0%. Magna International's dividend payout ratio (DPR) is presently 72.06%.

Insider Activity at Magna International

In related news, insider Eric Jon Wilds Wilds sold 34,672 shares of Magna International stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of C$91.31, for a total value of C$3,165,900.32. Following the sale, the insider owned 38,756 shares in the company, valued at C$3,538,810.36. The trade was a 47.22% decrease in their ownership of the stock. Also, insider Bruce Cluney sold 5,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of C$95.22, for a total transaction of C$476,100.00. Following the transaction, the insider directly owned 40,239 shares in the company, valued at approximately C$3,831,557.58. The trade was a 11.05% decrease in their ownership of the stock. In the last ninety days, insiders have sold 110,405 shares of company stock worth $10,090,534. 6.18% of the stock is currently owned by insiders.

About Magna International

Magna is one of the world's largest automotive suppliers and a trusted partner to automakers in the industry's most critical markets-North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety and quality.

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