Magna International (NYSE:MGA) Raised to Sector Outperform at Scotiabank

Magna International (NYSE:MGA) (TSE:MG) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Friday, Marketbeat reports. The brokerage currently has a $72.00 price target on the stock, up from their prior price target of $69.00. Scotiabank’s price target suggests a potential upside of 14.28% from the stock’s previous close.

A number of other research firms have also weighed in on MGA. Citigroup increased their target price on Magna International from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Canadian Imperial Bank of Commerce upgraded Magna International from a “neutral” rating to an “outperformer” rating and increased their target price for the stock from $56.00 to $76.00 in a research note on Wednesday, February 18th. Wall Street Zen upgraded Magna International from a “buy” rating to a “strong-buy” rating in a research note on Monday, January 19th. Wells Fargo & Company reduced their target price on Magna International from $69.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, UBS Group reduced their target price on Magna International from $70.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.40.

Magna International Stock Performance

MGA stock opened at $63.00 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $58.97 and its two-hundred day simple moving average is $53.83. Magna International has a twelve month low of $32.54 and a twelve month high of $69.94. The firm has a market cap of $17.28 billion, a price-to-earnings ratio of 21.36 and a beta of 1.44.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, February 13th. The company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.37. Magna International had a return on equity of 12.73% and a net margin of 1.99%.The business had revenue of $10.74 billion for the quarter, compared to analyst estimates of $10.54 billion. During the same quarter last year, the firm posted $1.69 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Magna International has set its FY 2026 guidance at 6.250-7.250 EPS. Analysts predict that Magna International will post 6.82 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. ARGA Investment Management LP grew its position in shares of Magna International by 1.1% during the 4th quarter. ARGA Investment Management LP now owns 4,193,129 shares of the company’s stock worth $223,512,000 after buying an additional 44,996 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Magna International by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 2,426,843 shares of the company’s stock worth $128,774,000 after buying an additional 154,710 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Magna International by 7.8% during the 4th quarter. Russell Investments Group Ltd. now owns 2,090,887 shares of the company’s stock worth $111,549,000 after buying an additional 151,819 shares in the last quarter. Hillsdale Investment Management Inc. grew its position in shares of Magna International by 2.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 725,425 shares of the company’s stock worth $38,741,000 after buying an additional 16,255 shares in the last quarter. Finally, AGF Management Ltd. bought a new position in shares of Magna International during the 3rd quarter worth $14,191,000. Institutional investors 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.