Royal Bank Of Canada Boosts Magna International, Inc. (MGA) Price Target to $61.00

Magna International, Inc. (NYSE:MGA) (TSE:MG) had its price target hoisted by Royal Bank Of Canada from $60.00 to $61.00 in a research note issued to investors on Monday, MarketBeat reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Edward Jones downgraded shares of Magna International from a buy rating to a hold rating in a research note on Wednesday, July 26th. BidaskClub downgraded shares of Magna International from a buy rating to a hold rating in a research note on Monday, July 24th. Zacks Investment Research downgraded shares of Magna International from a hold rating to a sell rating in a research note on Tuesday, July 18th. Cormark raised shares of Magna International from a buy rating to a top pick rating in a research note on Tuesday, July 11th. Finally, Morgan Stanley decreased their price target on shares of Magna International from $60.00 to $56.00 and set an overweight rating on the stock in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $53.50.

Magna International (NYSE MGA) opened at 46.62 on Monday. Magna International has a 12-month low of $36.77 and a 12-month high of $48.90. The company has a market cap of $17.24 billion, a price-to-earnings ratio of 8.42 and a beta of 1.44. The company’s 50 day moving average is $47.28 and its 200 day moving average is $44.42.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.01. The company had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. Magna International’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.41 earnings per share. Analysts forecast that Magna International will post $5.86 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Wednesday, August 30th. Magna International’s dividend payout ratio is currently 19.86%.

Large investors have recently made changes to their positions in the stock. Gulf International Bank UK Ltd increased its stake in shares of Magna International by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 121,604 shares of the company’s stock valued at $5,240,000 after buying an additional 1,200 shares in the last quarter. Benson Investment Management Company Inc. purchased a new stake in shares of Magna International during the first quarter valued at $2,259,000. DnB Asset Management AS increased its stake in shares of Magna International by 5.3% in the first quarter. DnB Asset Management AS now owns 1,535,657 shares of the company’s stock valued at $66,279,000 after buying an additional 77,400 shares in the last quarter. Westwood Management Corp IL purchased a new stake in shares of Magna International during the first quarter valued at $367,000. Finally, Nationwide Fund Advisors increased its stake in shares of Magna International by 1.6% in the first quarter. Nationwide Fund Advisors now owns 284,626 shares of the company’s stock valued at $12,284,000 after buying an additional 4,437 shares in the last quarter. 60.44% of the stock is currently owned by institutional investors and hedge funds.

About Magna International

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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