Magna International, Inc. (MGA) Upgraded to Buy at TD Securities

Magna International, Inc. (NYSE:MGA) (TSE:MG) was upgraded by stock analysts at TD Securities from a “hold” rating to a “buy” rating in a note issued to investors on Friday, May 12th, MarketBeat.com reports. The brokerage presently has a $55.00 price target on the stock, up from their prior price target of $50.00. TD Securities’ price target points to a potential upside of 26.55% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Magna International from a “sell” rating to a “hold” rating in a research report on Friday, January 20th. Macquarie raised shares of Magna International from a “neutral” rating to an “outperform” rating in a research report on Monday, February 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. Magna International has an average rating of “Buy” and a consensus price target of $50.05.

Analyst Recommendations for Magna International (NYSE:MGA)

Magna International (NYSE:MGA) traded down 3.87% during midday trading on Friday, hitting $43.46. 2,682,152 shares of the stock traded hands. The stock has a market cap of $16.53 billion, a PE ratio of 7.95 and a beta of 1.39. Magna International has a 1-year low of $32.76 and a 1-year high of $47.21. The company has a 50-day moving average of $44.47 and a 200-day moving average of $43.56.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Thursday, May 11th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.34 by $0.19. The company had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.13 billion. Magna International had a net margin of 5.76% and a return on equity of 20.58%. Magna International’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.22 earnings per share. On average, equities analysts expect that Magna International will post $5.78 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Friday, May 26th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, May 24th. Magna International’s dividend payout ratio is presently 20.11%.

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A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Magna International during the fourth quarter worth $149,775,000. SRS Capital Advisors Inc. acquired a new position in Magna International during the fourth quarter worth about $121,000. Cantab Capital Partners LLP boosted its position in Magna International by 7.4% in the fourth quarter. Cantab Capital Partners LLP now owns 23,298 shares of the company’s stock worth $1,011,000 after buying an additional 1,599 shares during the last quarter. Van ECK Associates Corp boosted its position in Magna International by 4.4% in the fourth quarter. Van ECK Associates Corp now owns 5,301 shares of the company’s stock worth $230,000 after buying an additional 222 shares during the last quarter. Finally, Comerica Bank boosted its position in Magna International by 4.6% in the fourth quarter. Comerica Bank now owns 29,324 shares of the company’s stock worth $1,315,000 after buying an additional 1,288 shares during the last quarter. 61.30% of the stock is owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

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