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Shares of Magna International Inc. (MGA - Free Report) reached 52-week high of $58.08 on Mar 20. Shares of the company started escalating following its impressive fourth quarter results, raised dividend and promising guidance. Their previous 52-week high was $56.64.

Aurora, Canada-based Magna International is a leading manufacturer and supplier of automotive components. The company designs, develops and manufactures automotive systems, assemblies, modules and components, besides engineering and assembling complete vehicles, primarily for sale to original equipment manufacturers (OEMs) of cars and light trucks. It has a market cap of $13.2 billion.

Magna reported a 12.9% rise in earnings per share to $1.49 in the fourth quarter of 2012 from $1.32 in the year-ago quarter and outpaced the Zacks Consensus Estimate of $1.14. Revenues went up 10.8% to $8.03 billion in the reported quarter, exceeding the Zacks Consensus Estimate of $7.75 billion.

The increase in revenues was attributable to improvement in North American and Rest of World (ROW) production sales and higher tooling, engineering and other sales together with improved complete vehicle assembly sales.

The board of directors of the company declared a 16% rise in quarterly dividend to 32 cents per share, reflecting strong performance of the company.

Magna expects higher sales in 2013. The company foresees total revenue between $32.0 billion and $33.4 billion for the year, up from $30.8 billion in 2012.

Magna has projected revenues in the External Production segment between $27.0 billion and $28.0 billion for the year compared with $26.0 billion in 2012. Complete Vehicle Assembly revenues are projected in the range of $2.6 billion to $2.9 billion compared with $2.6 billion in 2012.

Currently, Magna retains a Zacks Rank #3 (Hold). While we remain on the sidelines about Magna, stocks from the same industry that warrant a look include Visteon Corp. (VC - Free Report) , Gentherm Incorporated (THRM - Free Report) and STRATTEC Security Corporation . All of them carry a Zacks Rank #1 (Strong Buy).

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