Magna International (NYSE:MGA) Price Target Cut to $60.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by equities research analysts at Barclays from $62.00 to $60.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 28.76% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Citigroup decreased their target price on Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a report on Monday, February 12th. Raymond James dropped their price objective on shares of Magna International from $62.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. UBS Group lifted their target price on shares of Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, January 17th. Wells Fargo & Company lowered their price target on Magna International from $52.00 to $49.00 and set an “equal weight” rating for the company in a report on Monday. Finally, CIBC reduced their price objective on Magna International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Twelve investment analysts have rated the stock with a hold rating and five have given 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 price target of $60.00.

Magna International Stock Performance

NYSE:MGA opened at $46.60 on Monday. The company has a market cap of $13.39 billion, a P/E ratio of 13.24, a P/E/G ratio of 0.47 and a beta of 1.69. The firm’s 50 day moving average is $51.71 and its two-hundred day moving average is $53.89. Magna International has a fifty-two week low of $45.99 and a fifty-two week high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last issued its 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). Magna International had a return on equity of 12.97% and a net margin of 2.35%. The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.97 billion. During the same period last year, the business posted $1.11 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts expect that Magna International will post 6.13 EPS for the current year.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of MGA. S.A. Mason LLC lifted its holdings in Magna International by 24.4% during the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after buying an additional 229 shares during the last quarter. Van ECK Associates Corp lifted its stake in Magna International by 9.6% during the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after purchasing an additional 312 shares during the last quarter. UMB Bank n.a. boosted its holdings in Magna International by 13.0% in the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock worth $165,000 after purchasing an additional 350 shares during the period. Sunbelt Securities Inc. increased its stake in Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after purchasing an additional 526 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

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.