Citigroup Cuts Magna International (NYSE:MGA) Price Target to $77.00

Magna International (NYSE:MGAGet Rating) (TSE:MG) had its target price dropped by research analysts at Citigroup from $81.00 to $77.00 in a report issued on Monday, The Fly reports. Citigroup’s price target points to a potential upside of 22.57% from the company’s previous close.

A number of other research firms have also commented on MGA. Raymond James upgraded shares of Magna International from an “underperform” rating to a “market perform” rating and set a $68.00 price target on the stock in a research report on Wednesday, March 16th. The Goldman Sachs Group reduced their price target on shares of Magna International from $99.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, March 22nd. BNP Paribas started coverage on shares of Magna International in a research report on Monday, April 11th. They issued an “underperform” rating on the stock. Morgan Stanley reduced their price target on shares of Magna International from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 6th. Finally, Wells Fargo & Company reduced their price target on shares of Magna International from $85.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, April 1st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magna International currently has a consensus rating of “Hold” and a consensus target price of $80.25.

Shares of NYSE:MGA traded up $2.05 on Monday, reaching $62.82. 1,158,892 shares of the company were exchanged, compared to its average volume of 1,602,201. The firm has a market cap of $18.40 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 0.80 and a beta of 1.43. Magna International has a 1-year low of $54.60 and a 1-year high of $104.28. The company has a 50-day moving average of $62.91 and a 200-day moving average of $74.92. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29.

Magna International (NYSE:MGAGet Rating) (TSE:MG) last announced its quarterly earnings results on Friday, April 29th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.10 by $0.18. Magna International had a net margin of 3.54% and a return on equity of 11.16%. The company had revenue of $9.64 billion for the quarter, compared to analyst estimates of $9.03 billion. During the same quarter last year, the business earned $1.86 earnings per share. Magna International’s revenue was down 5.3% compared to the same quarter last year. As a group, analysts forecast that Magna International will post 5.43 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC raised its position in Magna International by 49.8% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 400 shares of the company’s stock worth $30,000 after acquiring an additional 133 shares in the last quarter. Evoke Wealth LLC raised its position in shares of Magna International by 121.2% in the third quarter. Evoke Wealth LLC now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 274 shares during the period. Lindbrook Capital LLC raised its position in shares of Magna International by 142.7% in the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the company’s stock valued at $38,000 after purchasing an additional 274 shares during the period. AdvisorNet Financial Inc raised its position in shares of Magna International by 79.2% in the fourth quarter. AdvisorNet Financial Inc now owns 570 shares of the company’s stock valued at $46,000 after purchasing an additional 252 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of Magna International by 1,609.3% in the first quarter. Jones Financial Companies Lllp now owns 735 shares of the company’s stock valued at $47,000 after purchasing an additional 692 shares during the period. Institutional investors and hedge funds own 62.57% of the company’s stock.

About Magna International (Get Rating)

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.

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