Magna International (NYSE:MGA) Given New $62.00 Price Target at Barclays

Magna International (NYSE:MGA) (TSE:MG) had its price objective reduced by research analysts at Barclays from $63.00 to $62.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 24.45% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. BMO Capital Markets dropped their price objective on Magna International from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Monday, February 12th. JPMorgan Chase & Co. dropped their price objective on Magna International from $77.00 to $69.00 and set an “overweight” rating for the company in a report on Monday, February 12th. TD Securities dropped their price objective on Magna International from $73.00 to $69.00 and set a “buy” rating for the company in a report on Monday, February 12th. UBS Group lifted their price objective on Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, January 17th. Finally, Royal Bank of Canada dropped their price objective on Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.86.

Magna International Stock Performance

MGA opened at $49.82 on Thursday. The business has a fifty day simple moving average of $54.11 and a 200 day simple moving average of $54.40. The company has a market capitalization of $14.31 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. Magna International has a 1 year low of $46.71 and a 1 year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.13). The firm had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. Research analysts expect that Magna International will post 6.11 EPS for the current year.

Hedge Funds Weigh In On Magna International

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Pzena Investment Management LLC increased its holdings in Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock worth $525,968,000 after purchasing an additional 3,609,429 shares in the last quarter. Toronto Dominion Bank increased its holdings in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after purchasing an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares in the last quarter. Geode Capital Management LLC increased its holdings in Magna International by 5.6% in the 1st quarter. Geode Capital Management LLC now owns 905,672 shares of the company’s stock worth $48,821,000 after purchasing an additional 47,858 shares in the last quarter. Finally, QV Investors Inc. increased its holdings in Magna International by 20.7% in the 4th quarter. QV Investors Inc. now owns 660,256 shares of the company’s stock worth $39,202,000 after purchasing an additional 113,332 shares in the last quarter. Institutional investors and hedge funds 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.