Magna International (NYSE:MGA) Reaches New 1-Year High – Here’s Why

Magna International Inc. (NYSE:MGA) (TSE:MG)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $69.99 and last traded at $69.5830, with a volume of 238837 shares changing hands. The stock had previously closed at $69.02.

Analysts Set New Price Targets

A number of research firms recently issued reports on MGA. Veritas raised Magna International to a “strong-buy” rating in a research report on Monday, May 4th. TD lifted their price target on Magna International from $75.00 to $76.00 and gave the company a “buy” rating in a report on Monday, May 4th. UBS Group boosted their price target on Magna International from $62.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded Magna International from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Finally, Royal Bank Of Canada raised their price objective on shares of Magna International to $57.00 and gave the company a “sector perform” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Magna International currently has a consensus rating of “Hold” and a consensus price target of $65.73.

Magna International Price Performance

The company has a quick ratio of 0.88, a current ratio of 1.22 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $18.74 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 0.94 and a beta of 1.44. The company’s 50-day simple moving average is $65.75 and its 200 day simple moving average is $60.97.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, May 1st. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.37. The company had revenue of $10.13 billion during the quarter, compared to analysts’ expectations of $10.14 billion. Magna International had a return on equity of 14.01% and a net margin of 1.60%.The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 earnings per share. Equities research analysts forecast that Magna International Inc. will post 6.82 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in Magna International by 35.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company’s stock worth $42,000 after buying an additional 205 shares in the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Magna International in the 1st quarter valued at $45,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Magna International in the 4th quarter valued at $49,000. Atlas Capital Advisors Inc. bought a new position in shares of Magna International during the 4th quarter worth about $67,000. Finally, Danske Bank A S bought a new position in shares of Magna International during the 3rd quarter worth about $112,000. 67.49% of the stock is owned by institutional investors.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.