Magna International (NYSE:MGA) Price Target Raised to $51.00

Magna International (NYSE:MGA) (TSE:MG) had its price target hoisted by equities research analysts at CIBC from $46.00 to $51.00 in a research note issued to investors on Monday,BayStreet.CA reports. CIBC’s target price points to a potential upside of 26.43% from the stock’s current price.

A number of other brokerages have also recently commented on MGA. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Royal Bank of Canada lowered their price objective on shares of Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group cut shares of Magna International from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $42.00 to $41.00 in a research note on Wednesday, December 11th. Wolfe Research raised shares of Magna International from an “underperform” rating to a “peer perform” rating in a research note on Thursday, December 5th. Finally, TD Securities decreased their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.88.

Magna International Price Performance

Shares of MGA traded up $0.81 during trading hours on Monday, reaching $40.34. The company had a trading volume of 691,513 shares, compared to its average volume of 1,030,624. The firm has a 50 day simple moving average of $43.35 and a 200-day simple moving average of $42.29. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $11.41 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 0.81 and a beta of 1.62. Magna International has a 12-month low of $38.01 and a 12-month high of $59.37.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Research analysts expect that Magna International will post 5.22 earnings per share for the current year.

Institutional Trading of Magna International

A number of hedge funds have recently made changes to their positions in MGA. ARGA Investment Management LP acquired a new stake in shares of Magna International during the third quarter worth approximately $40,710,000. JARISLOWSKY FRASER Ltd grew its position in shares of Magna International by 5.9% during 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 in the last quarter. Quantbot Technologies LP grew its position in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock worth $5,560,000 after buying an additional 114,160 shares in the last quarter. Millennium Management LLC grew its position in shares of Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after buying an additional 93,637 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Magna International by 117,113.9% during the third quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after buying an additional 84,322 shares in the last quarter. 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.