Magna International (NYSE:MGA) PT Lowered to $41.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by equities researchers at The Goldman Sachs Group from $44.00 to $41.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 0.69% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Evercore cut their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Wells Fargo & Company raised their price objective on Magna International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. Citigroup decreased their target price on Magna International from $52.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. CIBC dropped their target price on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Finally, BNP Paribas upgraded Magna International from a “neutral” rating to an “outperform” rating in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.94.

Magna International Price Performance

Shares of Magna International stock opened at $41.29 on Tuesday. The business’s fifty day moving average price is $41.14 and its 200 day moving average price is $44.89. Magna International has a twelve month low of $38.01 and a twelve month high of $60.32. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $11.86 billion, a P/E ratio of 11.73, a PEG ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). Magna International had a net margin of 2.29% and a return on equity of 12.53%. The firm had revenue of $10.96 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period in the prior year, the firm earned $1.50 earnings per share. The business’s revenue for the quarter was down .2% on a year-over-year basis. As a group, research analysts anticipate that Magna International will post 5.5 earnings per share for the current year.

Institutional Investors Weigh In On Magna International

Several institutional investors and hedge funds have recently made changes to their positions in MGA. Toronto Dominion Bank increased its stake in Magna International by 1.9% during the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock valued at $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Magna International in the 1st quarter valued at about $1,009,000. Forsta AP Fonden grew its position in shares of Magna International by 20.4% during the 1st quarter. Forsta AP Fonden now owns 64,800 shares of the company’s stock valued at $3,533,000 after buying an additional 11,000 shares during the last quarter. LRI Investments LLC acquired a new stake in Magna International during the first quarter worth about $36,000. Finally, BNP Paribas Financial Markets lifted its holdings in Magna International by 202.7% in the first quarter. BNP Paribas Financial Markets now owns 26,298 shares of the company’s stock worth $1,433,000 after acquiring an additional 17,611 shares during the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.