Magna International (NYSE:MGA) Price Target Raised to $51.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective hoisted by equities research analysts at CIBC from $46.00 to $51.00 in a research note issued to investors on Monday,BayStreet.CA reports. CIBC’s price target would indicate a potential upside of 26.43% from the stock’s previous close.

Several other brokerages also recently issued reports on MGA. The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and reduced their price target for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. TD Securities reduced their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada cut their price objective on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magna International presently has an average rating of “Hold” and an average target price of $49.88.

Magna International Stock Performance

Magna International stock traded up $0.81 during mid-day trading on Monday, reaching $40.34. The company’s stock had a trading volume of 691,513 shares, compared to its average volume of 1,030,624. The firm has a market cap of $11.41 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 0.81 and a beta of 1.62. The business has a 50 day moving average price of $43.35 and a 200-day moving average price of $42.29. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. Magna International has a twelve month low of $38.01 and a twelve month high of $59.37.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The firm had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. During the same period last year, the firm posted $1.46 EPS. The business’s revenue was down 3.8% compared to the same quarter last year. Sell-side analysts predict that Magna International will post 5.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Magna International

Hedge funds and other institutional investors have recently bought and sold shares of the business. ARGA Investment Management LP purchased a new position in Magna International in the 3rd quarter worth about $40,710,000. JARISLOWSKY FRASER Ltd increased its stake in Magna International by 5.9% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares in the last quarter. Quantbot Technologies LP increased its stake in Magna International by 616.1% in the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after purchasing an additional 114,160 shares in the last quarter. Millennium Management LLC increased its stake in Magna International by 135.5% in 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Magna International by 117,113.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after purchasing an additional 84,322 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

About Magna International

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.