Magna International Inc. (MG) Declares Quarterly Dividend of $0.49

Magna International Inc. (TSE:MG) (NYSE:MGA) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Friday, May 24th will be paid a dividend of 0.489 per share on Friday, June 7th. This represents a $1.96 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Thursday, May 23rd. This is a positive change from Magna International’s previous quarterly dividend of $0.48.

TSE MG traded down C$0.17 during trading hours on Friday, hitting C$59.87. 780,100 shares of the company’s stock were exchanged, compared to its average volume of 925,618. Magna International has a 1-year low of C$58.74 and a 1-year high of C$87.13. The stock has a market capitalization of $19.37 billion and a P/E ratio of 7.40. The company has a debt-to-equity ratio of 44.04, a current ratio of 1.22 and a quick ratio of 0.84.

Magna International (TSE:MG) (NYSE:MGA) last released its earnings results on Friday, February 22nd. The company reported C$2.15 EPS for the quarter, topping the consensus estimate of C$2.13 by C$0.02. The business had revenue of C$13.40 billion for the quarter, compared to analyst estimates of C$13.45 billion. Equities analysts expect that Magna International will post 7.19000010829732 earnings per share for the current year.

In other Magna International news, Director Donald James Walker sold 70,500 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of C$69.93, for a total value of C$4,930,065.00. Following the transaction, the director now owns 1,394,475 shares in the company, valued at C$97,515,636.75. Also, Senior Officer James Joseph Tobin Sr. sold 5,002 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of C$65.06, for a total value of C$325,444.13. Following the completion of the transaction, the insider now owns 60,585 shares in the company, valued at approximately C$3,941,829.74. Insiders have sold 131,913 shares of company stock valued at $9,262,382 in the last ninety days.

Several research firms recently commented on MG. Seaport Global Securities reaffirmed a “buy” rating on shares of Magna International in a research note on Tuesday, April 16th. CIBC raised their target price on Magna International from C$60.00 to C$63.00 in a research note on Monday, February 25th. BMO Capital Markets cut Magna International from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. cut Magna International from a “neutral” rating to an “underweight” rating and raised their target price for the stock from C$66.00 to C$67.00 in a research note on Monday, February 25th.

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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.

Read More: What is the Ex-Dividend Date in Investing?

Dividend History for Magna International (TSE:MG)

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