Scotiabank Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its target price upped by analysts at Scotiabank from $44.00 to $47.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 4.99% from the company’s previous close.

A number of other research firms also recently issued reports on MGA. JPMorgan Chase & Co. boosted their target price on shares of Magna International from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, August 4th. TD Securities boosted their target price on shares of Magna International from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Wells Fargo & Company lowered their target price on shares of Magna International from $46.00 to $45.00 and set an “equal weight” rating for the company in a report on Friday, October 3rd. CIBC restated a “neutral” rating and issued a $47.00 target price (up from $46.00) on shares of Magna International in a report on Tuesday, August 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magna International in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Magna International currently has a consensus rating of “Hold” and an average price target of $45.50.

Magna International Stock Performance

NYSE:MGA opened at $44.77 on Friday. The firm has a 50 day simple moving average of $45.84 and a 200-day simple moving average of $40.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. The firm has a market cap of $12.62 billion, a PE ratio of 10.51, a P/E/G ratio of 0.99 and a beta of 1.53. Magna International has a 1-year low of $30.39 and a 1-year high of $49.79.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.25. The business had revenue of $10.82 billion during the quarter, compared to analyst estimates of $10.10 billion. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The company’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.35 earnings per share. Magna International has set its FY 2025 guidance at EPS. On average, equities analysts expect that Magna International will post 5.87 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. LRI Investments LLC purchased a new position in shares of Magna International in the second quarter valued at $27,000. Cromwell Holdings LLC boosted its stake in shares of Magna International by 131.6% in the first quarter. Cromwell Holdings LLC now owns 820 shares of the company’s stock valued at $28,000 after purchasing an additional 466 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Magna International by 507.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,500 shares of the company’s stock valued at $51,000 after purchasing an additional 1,253 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Magna International by 385.1% in the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock valued at $55,000 after purchasing an additional 1,136 shares during the period. Finally, Parallel Advisors LLC boosted its stake in shares of Magna International by 115.3% in the second quarter. Parallel Advisors LLC now owns 2,498 shares of the company’s stock valued at $96,000 after purchasing an additional 1,338 shares during the period. 67.49% of the stock is currently 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.