Magna International (TSE:MG) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Magna International shares rose above their 50-day moving average, reaching C$92.49 before closing at C$91.57, up 3.0% on trading volume of 940,090 shares.
• Analyst sentiment remains positive overall, with the stock holding an average “Buy” rating, although CIBC and BMO Capital Markets recently downgraded it from “strong buy” to “hold.”
• The company reported quarterly EPS of C$2.61 on C$14.32 billion in revenue and announced a quarterly dividend of C$0.495 per share, equivalent to an annualized yield of about 2.2%.

Magna International Inc. (TSE:MG - Get Free Report) NYSE: MGA's share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of C$91.06 and traded as high as C$92.49. Magna International shares last traded at C$91.57, with a volume of 940,090 shares.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MG shares. Canadian Imperial Bank of Commerce lowered shares of Magna International from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 21st. BMO Capital Markets lowered shares of Magna International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 17th. Two research analysts have rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy".

Magna International Trading Up 3.0%

The firm has a market cap of C$23.78 billion, a P/E ratio of 29.83, a P/E/G ratio of 0.45 and a beta of 2.02. The company has a debt-to-equity ratio of 55.54, a quick ratio of 0.83 and a current ratio of 1.14. The firm has a fifty day moving average of C$91.06 and a 200-day moving average of C$87.16.

Magna International (TSE:MG - Get Free Report) NYSE: MGA last issued its quarterly earnings data on Friday, October 30th. The company reported C$2.61 EPS for the quarter. The firm had revenue of C$14.32 billion during the quarter. Magna International had a return on equity of 6.97% and a net margin of 1.97%. Equities research analysts forecast that Magna International Inc. will post 8.89 earnings per share for the current year.

Magna International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 27th will be paid a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, November 13th. Magna International's dividend payout ratio (DPR) is presently 64.17%.

Magna International Company Profile

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 Asia. With operations in 28 countries, we combine global scale with trusted reliability and proven execution. Backed by nearly seven decades of experience, we bring together deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality.

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