Magna International (NYSE:MGA) Downgraded by Morgan Stanley

Morgan Stanley cut shares of Magna International (NYSE:MGA) (TSE:MG) from an overweight rating to an equal weight rating in a research report report published on Wednesday, Marketbeat.com reports. The firm currently has $43.00 price target on the stock, down from their prior price target of $55.00.

MGA has been the topic of a number of other reports. Citigroup lowered their price target on shares of Magna International from $52.00 to $47.00 and set a neutral rating on the stock in a report on Friday, July 12th. CIBC lowered their price target on shares of Magna International from $50.00 to $47.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. Evercore ISI lowered their price target on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Evercore lowered their price target on shares of Magna International from $60.00 to $50.00 and set an in-line rating on the stock in a report on Monday, July 15th. Finally, BNP Paribas upgraded shares of Magna International from a neutral rating to an outperform rating in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Magna International presently has an average rating of Hold and a consensus price target of $50.41.

Magna International Stock Up 1.3 %

Shares of Magna International stock opened at $42.73 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The firm’s 50-day moving average is $41.27 and its two-hundred day moving average is $45.17. The stock has a market cap of $12.28 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The business had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter in the previous year, the company earned $1.50 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. As a group, research analysts expect that Magna International will post 5.5 earnings per share for the current fiscal year.

Magna International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date of this dividend was Friday, August 16th. Magna International’s dividend payout ratio is presently 53.98%.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently bought and sold shares of MGA. JARISLOWSKY FRASER Ltd raised its position in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. raised its position in Magna International by 35.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after buying an additional 289,105 shares during the last quarter. Quantbot Technologies LP raised its position in Magna International by 616.1% during the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after buying an additional 114,160 shares during the last quarter. Millennium Management LLC grew its stake in shares of Magna International by 135.5% during the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the period. Finally, Azimuth Capital Investment Management LLC grew its stake in shares of Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after purchasing an additional 53,695 shares during the period. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Company Profile

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.