Magna International (NYSE:MGA) Price Target Cut to $55.00

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by Scotiabank from $59.00 to $55.00 in a report released on Monday, BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 18.03% from the stock’s previous close.

MGA has been the topic of a number of other research reports. Evercore downgraded shares of Magna International from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $75.00 to $62.00 in a research note on Monday, April 15th. Royal Bank of Canada dropped their target price on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. The Goldman Sachs Group reduced their price target on Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a research report on Monday. BMO Capital Markets cut their price objective on shares of Magna International from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, February 12th. Finally, Raymond James decreased their target price on shares of Magna International from $62.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.00.

Magna International Trading Up 0.0 %

NYSE:MGA opened at $46.60 on Monday. Magna International has a 12 month low of $45.99 and a 12 month high of $65.27. The company has a 50 day simple moving average of $51.71 and a two-hundred day simple moving average of $53.89. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34. The company has a market cap of $13.39 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. During the same quarter last year, the firm posted $1.11 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. Research analysts forecast that Magna International will post 6.13 earnings per share for the current year.

Institutional Investors Weigh In On Magna International

Several large investors have recently bought and sold shares of MGA. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Magna International by 18.5% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after acquiring an additional 147,950 shares during the last quarter. Strengthening Families & Communities LLC grew its holdings in shares of Magna International by 9.2% during the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock worth $1,909,000 after buying an additional 2,997 shares in the last quarter. Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Magna International by 2.2% in the third quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock worth $3,699,000 after buying an additional 1,449 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Magna International by 1.2% in the third quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock worth $7,751,000 after buying an additional 1,737 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in Magna International by 9.6% during the third quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock worth $192,000 after acquiring an additional 312 shares during the last quarter. 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.