Magna International (NYSE:MGA) Price Target Cut to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by stock analysts at National Bankshares from $60.00 to $57.00 in a report issued on Monday, BayStreet.CA reports. The firm currently has a “market perform” rating on the stock. National Bankshares’ price objective would suggest a potential upside of 22.32% from the company’s current price.

Several other analysts have also issued reports on MGA. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd. BMO Capital Markets dropped their price objective on Magna International from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Monday, February 12th. The Goldman Sachs Group cut their price target on shares of Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a research note on Monday. UBS Group boosted their price objective on shares of Magna International from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Finally, Wells Fargo & Company cut their target price on shares of Magna International from $52.00 to $49.00 and set an “equal weight” rating for the company in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $60.00.

Magna International Price Performance

Shares of NYSE MGA opened at $46.60 on Monday. The company has a fifty day moving average price of $51.71 and a 200 day moving average price of $53.89. Magna International has a 1-year low of $45.99 and a 1-year high of $65.27. The firm has a market cap of $13.39 billion, a PE ratio of 13.24, a PEG ratio of 0.47 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.18). The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a return on equity of 12.97% and a net margin of 2.35%. Magna International’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 earnings per share. Research analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. increased its stake in Magna International by 2,179.2% in the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Magna International by 332.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Magna International during the first quarter worth about $49,000. S.A. Mason LLC lifted its holdings in shares of Magna International by 24.4% in the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Magna International by 50.8% in the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock valued at $154,000 after purchasing an additional 879 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.