Magna International (NYSE:MGA) Rating Lowered to “Buy” at Wall Street Zen

Magna International (NYSE:MGA) (TSE:MG) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

A number of other research analysts have also recently issued reports on the stock. Barclays boosted their price objective on shares of Magna International from $45.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 10th. CIBC boosted their price target on shares of Magna International from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Monday, November 3rd. Scotiabank raised their price objective on Magna International from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Monday, November 3rd. JPMorgan Chase & Co. lifted their target price on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, UBS Group increased their price target on Magna International from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Magna International currently has a consensus rating of “Hold” and an average price target of $50.33.

Magna International Stock Performance

MGA stock opened at $55.12 on Friday. Magna International has a twelve month low of $30.39 and a twelve month high of $55.31. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. The company has a market cap of $15.49 billion, a P/E ratio of 15.06 and a beta of 1.53. The business’s fifty day moving average is $48.51 and its 200-day moving average is $44.85.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The business had revenue of $10.50 billion during the quarter, compared to the consensus estimate of $10.03 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. Equities research analysts forecast that Magna International will post 5.87 EPS for the current year.

Hedge Funds Weigh In On Magna International

Large investors have recently bought and sold shares of the company. ARGA Investment Management LP raised its holdings in shares of Magna International by 33.2% in the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock valued at $196,557,000 after purchasing an additional 1,033,747 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in Magna International in the third quarter valued at $33,593,000. Geode Capital Management LLC increased its stake in Magna International by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock valued at $77,332,000 after buying an additional 338,470 shares during the last quarter. AGF Management Ltd. bought a new stake in Magna International during the 3rd quarter worth about $14,191,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Magna International during the 1st quarter worth about $8,416,000. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Company Profile

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.