Magna International (NYSE:MGA) Price Target Lowered to $45.00 at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) had its price objective dropped by investment analysts at Scotiabank from $49.00 to $45.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 18.25% from the company’s current price.

Other analysts also recently issued reports about the company. Barclays reduced their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday. TD Securities decreased their price target on shares of Magna International from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Tuesday. Wells Fargo & Company lowered their price target on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, December 16th. CIBC increased their target price on shares of Magna International from $46.00 to $51.00 in a research report on Monday, January 13th. Finally, Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.88.

Magna International Stock Performance

Shares of NYSE MGA traded up $0.21 during mid-day trading on Tuesday, reaching $38.06. 1,132,565 shares of the company were exchanged, compared to its average volume of 1,731,230. Magna International has a twelve month low of $35.05 and a twelve month high of $56.12. The stock has a market capitalization of $10.77 billion, a P/E ratio of 10.18, a P/E/G ratio of 0.60 and a beta of 1.61. The company’s 50-day simple moving average is $40.99 and its 200-day simple moving average is $41.61. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The firm had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. During the same period last year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, research analysts predict that Magna International will post 5.23 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC increased its holdings in shares of Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after buying an additional 600 shares in the last quarter. Kennebec Savings Bank bought a new stake in Magna International during the 3rd quarter worth $32,000. LRI Investments LLC increased its holdings in Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares in the last quarter. Millstone Evans Group LLC bought a new position in Magna International in the fourth quarter valued at about $33,000. Finally, Lindbrook Capital LLC grew its holdings in shares of Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after purchasing an additional 312 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.