Evercore Lowers Magna International (NYSE:MGA) Price Target to $50.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective decreased by research analysts at Evercore from $60.00 to $50.00 in a report released on Monday, BayStreet.CA reports. The brokerage currently has an “in-line” rating on the stock. Evercore’s price target would suggest a potential upside of 11.96% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley lowered their price target on shares of Magna International from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. CIBC lowered their price target on shares of Magna International from $59.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. National Bankshares lowered their price target on shares of Magna International from $60.00 to $57.00 and set a “market perform” rating on the stock in a report on Monday, May 6th. Scotiabank reduced their price target on shares of Magna International from $59.00 to $55.00 and set a “sector perform” rating for the company in a research report on Monday, May 6th. Finally, StockNews.com lowered shares of Magna International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Thirteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $55.19.

Magna International Stock Performance

Shares of Magna International stock traded up $0.21 during mid-day trading on Monday, hitting $44.66. 615,658 shares of the stock were exchanged, compared to its average volume of 1,569,932. Magna International has a 12 month low of $40.83 and a 12 month high of $65.27. The company has a 50-day simple moving average of $44.27 and a 200 day simple moving average of $50.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.09. The company has a market capitalization of $12.83 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.57 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.18). The firm had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a return on equity of 12.96% and a net margin of 2.35%. Magna International’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 EPS. Sell-side analysts anticipate that Magna International will post 5.83 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Institutional investors have recently added to or reduced their stakes in the business. Lorne Steinberg Wealth Management Inc. boosted its position in Magna International by 3.9% during the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after buying an additional 2,646 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Magna International by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after acquiring an additional 2,727 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new position in shares of Magna International during the fourth quarter valued at about $237,000. Azimuth Capital Investment Management LLC raised its stake in shares of Magna International by 39.4% during 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 last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Magna International during the first quarter valued at about $1,009,000. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.