Magna International (TSE:MG) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets cut shares of Magna International (TSE:MG) (NYSE:MGA) from an outperform rating to a market perform rating in a research report released on Thursday, March 21st, BayStreet.CA reports.

A number of other brokerages have also weighed in on MG. CIBC lifted their price target on shares of Magna International from C$60.00 to C$63.00 in a research note on Monday, February 25th. JPMorgan Chase & Co. lowered shares of Magna International from a neutral rating to an underweight rating and lifted their price target for the company from C$66.00 to C$67.00 in a research note on Monday, February 25th.

Magna International stock traded down C$0.05 during midday trading on Thursday, hitting C$72.11. 596,808 shares of the stock were exchanged, compared to its average volume of 864,650. Magna International has a 52 week low of C$58.74 and a 52 week high of C$87.13. The firm has a market capitalization of $23.06 billion and a price-to-earnings ratio of 10.91. The company has a debt-to-equity ratio of 39.28, a current ratio of 1.15 and a quick ratio of 0.71.

Magna International (TSE:MG) (NYSE:MGA) last released its quarterly earnings data on Friday, February 22nd. The company reported C$2.15 earnings per share for the quarter, topping the consensus estimate of C$2.13 by C$0.02. The firm had revenue of C$13.40 billion for the quarter, compared to the consensus estimate of C$13.45 billion. As a group, analysts predict that Magna International will post 7.19000072676863 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a $0.479 dividend. The ex-dividend date was Thursday, March 7th. This is an increase from Magna International’s previous quarterly dividend of $0.33. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.66%. Magna International’s dividend payout ratio (DPR) is 19.97%.

In other news, Director Donald James Walker sold 70,500 shares of Magna International stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of C$69.93, for a total value of C$4,930,065.00. Following the sale, the director now directly owns 1,394,475 shares in the company, valued at C$97,515,636.75. Also, Director Tommy Joseph Skudutis sold 56,411 shares of Magna International stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of C$71.03, for a total transaction of C$4,006,873.33. Following the completion of the sale, the director now owns 9,574 shares in the company, valued at C$680,041.22. Insiders sold 131,913 shares of company stock worth $9,262,382 over the last quarter.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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