Magna International, Inc. (MGA) Price Target Raised to $55.00 at Citigroup Inc.

Magna International, Inc. (NYSE:MGA) (TSE:MG) had its price objective upped by Citigroup Inc. from $54.00 to $55.00 in a research note published on Thursday morning. Citigroup Inc. currently has a buy rating on the stock.

MGA has been the subject of several other research reports. Edward Jones cut shares of Magna International from a buy rating to a hold rating in a report on Wednesday, July 26th. Zacks Investment Research cut shares of Magna International from a hold rating to a sell rating in a report on Tuesday, July 18th. BidaskClub cut shares of Magna International from a buy rating to a hold rating in a research note on Monday, July 24th. Cormark raised shares of Magna International from a buy rating to a top pick rating in a research report on Tuesday, July 11th. Finally, ValuEngine lowered shares of Magna International from a strong-buy rating to a buy rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Magna International has an average rating of Buy and a consensus price target of $53.50.

Shares of Magna International (NYSE:MGA) traded down 1.12% during mid-day trading on Thursday, reaching $46.10. 1,753,701 shares of the company were exchanged. Magna International has a 12 month low of $36.77 and a 12 month high of $48.90. The stock has a market capitalization of $17.05 billion, a P/E ratio of 8.33 and a beta of 1.44. The firm has a 50-day moving average price of $47.28 and a 200 day moving average price of $44.42.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.01. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The business had revenue of $9.68 billion during the quarter, compared to the consensus estimate of $9.50 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. Magna International’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Magna International will post $5.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Wednesday, August 30th. Magna International’s dividend payout ratio (DPR) is currently 19.86%.

A number of large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in shares of Magna International by 34.8% in the second quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock worth $93,453,000 after buying an additional 521,929 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Magna International by 28.4% in the first quarter. Schroder Investment Management Group now owns 1,852,568 shares of the company’s stock valued at $107,838,000 after buying an additional 410,007 shares in the last quarter. DnB Asset Management AS boosted its stake in shares of Magna International by 1.8% in the second quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock valued at $72,416,000 after buying an additional 27,384 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Magna International by 2.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,173,053 shares of the company’s stock valued at $54,242,000 after buying an additional 26,742 shares in the last quarter. Finally, Scout Investments Inc. boosted its stake in shares of Magna International by 49.4% in the first quarter. Scout Investments Inc. now owns 1,169,386 shares of the company’s stock valued at $50,237,000 after buying an additional 386,447 shares in the last quarter. Institutional investors and hedge funds own 60.44% of the company’s stock.

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.