Magna International (NYSE:MGA) Price Target Cut to $50.00 by Analysts at Raymond James

Magna International (NYSE:MGA) (TSE:MG) had its price target decreased by stock analysts at Raymond James from $53.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Raymond James’ target price points to a potential upside of 31.39% from the stock’s current price.

Other analysts have also issued research reports about the stock. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays dropped their price target on Magna International from $50.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday. Scotiabank reduced their price objective on Magna International from $49.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Wells Fargo & Company decreased their target price on Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, December 16th. Finally, CIBC lifted their price target on Magna International from $46.00 to $51.00 in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Magna International currently has an average rating of “Hold” and a consensus target price of $48.88.

Magna International Price Performance

NYSE:MGA traded up $0.21 during trading hours on Tuesday, reaching $38.06. The company had a trading volume of 1,132,565 shares, compared to its average volume of 1,731,230. The company has a quick ratio of 0.77, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $40.99 and a two-hundred day moving average of $41.61. Magna International has a one year low of $35.05 and a one year high of $56.12. The firm has a market capitalization of $10.77 billion, a PE ratio of 10.18, a PEG ratio of 0.60 and a beta of 1.61.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.23. The business had revenue of $10.63 billion for the quarter, compared to analyst estimates of $10.32 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 EPS. Analysts forecast that Magna International will post 5.23 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 bought and sold shares of the business. ARGA Investment Management LP raised its position in shares of Magna International by 158.1% during the 4th quarter. ARGA Investment Management LP now owns 2,561,491 shares of the company’s stock valued at $107,049,000 after acquiring an additional 1,568,953 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Magna International by 52.3% in the fourth quarter. Russell Investments Group Ltd. now owns 2,395,373 shares of the company’s stock valued at $100,087,000 after purchasing an additional 822,375 shares during the last quarter. Toronto Dominion Bank increased its holdings in Magna International by 1.2% in the third quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock valued at $66,810,000 after purchasing an additional 18,704 shares during the last quarter. Geode Capital Management LLC lifted its stake in Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company’s stock valued at $63,280,000 after buying an additional 371,437 shares during the period. Finally, Mufg Securities Canada LTD. boosted its holdings in Magna International by 72.1% during the fourth quarter. Mufg Securities Canada LTD. now owns 412,454 shares of the company’s stock worth $17,228,000 after buying an additional 172,754 shares during the last quarter. 67.49% of the stock is owned by 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.