Magna International (NYSE:MGA) Price Target Cut to $52.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective dropped by TD Securities from $53.00 to $52.00 in a report released on Monday, BayStreet.CA reports. The firm currently has a “buy” rating on the stock. TD Securities’ target price indicates a potential upside of 26.55% from the stock’s previous close.

MGA has been the subject of several other research reports. Evercore ISI reduced their price objective on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, July 15th. CIBC dropped their target price on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. BNP Paribas raised Magna International from a “neutral” rating to an “outperform” rating in a research note on Monday, July 1st. Wolfe Research reissued an “underperform” rating on shares of Magna International in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their price target on Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus price target of $50.35.

Magna International Trading Down 3.8 %

Shares of Magna International stock traded down $1.64 during mid-day trading on Monday, hitting $41.09. 753,410 shares of the stock were exchanged, compared to its average volume of 1,615,132. Magna International has a twelve month low of $38.01 and a twelve month high of $60.32. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59. The company has a 50-day simple moving average of $41.27 and a 200 day simple moving average of $45.05. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). The company had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. Magna International’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $1.50 earnings per share. Research analysts forecast that Magna International will post 5.5 EPS for the current year.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the business. Parallel Advisors LLC grew its position 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 buying an additional 879 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Magna International by 576.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,079 shares of the company’s stock valued at $182,000 after acquiring an additional 2,624 shares during the period. Crossmark Global Holdings Inc. grew its stake in Magna International by 11.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 18,437 shares of the company’s stock valued at $1,089,000 after acquiring an additional 1,949 shares during the period. Azimuth Capital Investment Management LLC grew its stake in Magna International by 39.4% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock valued at $11,214,000 after acquiring an additional 53,695 shares during the period. Finally, Syon Capital LLC acquired a new stake in Magna International in the fourth quarter valued at approximately $250,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

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.