Raymond James Trims Magna International (NYSE:MGA) Target Price to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its price target reduced by analysts at Raymond James from $60.00 to $57.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “market perform” rating on the stock. Raymond James’ target price would indicate a potential upside of 22.32% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. TD Securities reduced their price objective on shares of Magna International from $63.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd. The Goldman Sachs Group dropped their price objective on shares of Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a report on Monday. Wells Fargo & Company reduced their target price on Magna International from $52.00 to $49.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Royal Bank of Canada cut their price target 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. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus target price of $60.00.

Magna International Trading Up 0.0 %

Shares of Magna International stock opened at $46.60 on Monday. Magna International has a fifty-two week low of $45.99 and a fifty-two week high of $65.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.71 and a current ratio of 1.06. The company has a market capitalization 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 company has a fifty day moving average of $51.71 and a 200 day moving average of $53.89.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The business had revenue of $10.97 billion during 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%. The business’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the company earned $1.11 EPS. On average, sell-side analysts anticipate that Magna International will post 6.13 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pzena Investment Management LLC grew its stake in shares of Magna International by 58.2% during the third quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after buying an additional 3,609,429 shares during the last quarter. Toronto Dominion Bank grew its position in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after acquiring an additional 157,808 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Magna International by 0.3% in the fourth 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 during the period. QV Investors Inc. increased its stake in Magna International by 1.0% in the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock worth $36,378,000 after buying an additional 6,895 shares during the period. Finally, Azimuth Capital Investment Management LLC lifted its holdings in Magna International by 39.4% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after buying an additional 53,695 shares in the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.