Magna International (NYSE:MGA) Sees Large Volume Increase on Analyst Upgrade

Magna International Inc. (NYSE:MGA - Get Free Report) TSE: MG saw strong trading volume on Monday after JPMorgan Chase & Co. raised their price target on the stock from $69.00 to $71.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 5,392,160 shares were traded during trading, an increase of 297% from the previous session's volume of 1,358,633 shares.The stock last traded at $48.44 and had previously closed at $48.34.

Several other brokerages also recently weighed in on MGA. TD Securities lowered their price target on Magna International from $73.00 to $69.00 and set a "buy" rating for the company in a report on Monday, February 12th. Raymond James lowered their price target on Magna International from $62.00 to $60.00 and set a "market perform" rating for the company in a report on Monday, February 12th. Citigroup lowered their price target on Magna International from $60.00 to $57.00 and set a "neutral" rating for the company in a report on Monday, February 12th. CIBC lowered their price target on Magna International from $61.00 to $59.00 and set a "neutral" rating for the company in a report on Friday. Finally, Scotiabank lowered their price target on Magna International from $62.00 to $59.00 and set a "sector perform" rating for the company in a report on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $62.50.

Institutional Trading of Magna International

Institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. increased its position in shares of Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company's stock worth $30,000 after purchasing an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company's stock worth $40,000 after purchasing an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Magna International during the first quarter worth approximately $49,000. S.A. Mason LLC increased its position in shares of Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company's stock worth $69,000 after purchasing an additional 229 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Magna International by 50.8% during the fourth quarter. Parallel Advisors LLC now owns 2,611 shares of the company's stock worth $154,000 after purchasing an additional 879 shares in the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

Magna International Price Performance

The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $14.17 billion, a PE ratio of 11.68, a PEG ratio of 0.49 and a beta of 1.69. The company has a 50-day moving average of $53.09 and a 200 day moving average of $54.25.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last issued its earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). The company had revenue of $10.45 billion during the quarter, compared to analysts' expectations of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.91 earnings per share. Sell-side analysts predict that Magna International Inc. will post 6.11 EPS for the current year.

Magna International Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.475 per share. The ex-dividend date was Thursday, February 22nd. This is a boost from Magna International's previous quarterly dividend of $0.46. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.85%. Magna International's dividend payout ratio is currently 45.02%.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.