Magna International (NYSE:MGA) Price Target Cut to $41.00 by Analysts at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by stock analysts at Royal Bank of Canada from $42.00 to $41.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential downside of 3.78% from the stock’s previous close.

A number of other research firms have also commented on MGA. UBS Group lowered their price target on Magna International from $51.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Evercore cut their price target on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, July 15th. JPMorgan Chase & Co. decreased their price objective on shares of Magna International from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Bank of America cut their target price on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, CIBC decreased their price target on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.82.

Magna International Trading Up 1.5 %

MGA stock traded up $0.64 during trading on Monday, hitting $42.61. 127,799 shares of the company traded hands, compared to its average volume of 1,581,441. The company has a 50-day moving average of $41.34 and a 200-day moving average of $43.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The firm has a market capitalization of $12.24 billion, a PE ratio of 12.41, a P/E/G ratio of 0.63 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20). The firm had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 earnings per share. Analysts predict that Magna International will post 5.4 earnings per share for the current fiscal year.

Institutional Trading of Magna International

Hedge funds have recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd boosted its holdings in shares of Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Magna International by 35.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares during the period. Quantbot Technologies LP increased its stake in shares of Magna International by 616.1% in the 2nd quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after purchasing an additional 114,160 shares in the last quarter. Millennium Management LLC raised its holdings in Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the period. Finally, Toronto Dominion Bank raised its holdings in Magna International by 1.9% in the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.