Scotiabank Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its target price upped by equities researchers at Scotiabank from $50.00 to $52.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s target price indicates a potential upside of 22.11% from the company’s previous close.

Several other research analysts have also recently commented on the company. UBS Group cut their price target on Magna International from $51.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Raymond James reduced their target price on Magna International from $57.00 to $53.00 and set a “market perform” rating for the company in a research note on Tuesday, August 6th. Wells Fargo & Company lifted their price target on shares of Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday. Citigroup reduced their price objective on shares of Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Royal Bank of Canada cut their target price on shares of Magna International from $47.00 to $42.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 29th. One 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 stock. According to MarketBeat.com, Magna International currently has an average rating of “Hold” and a consensus price target of $49.76.

Magna International Stock Up 1.1 %

NYSE MGA opened at $42.59 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32. The business has a 50 day moving average price of $41.33 and a two-hundred day moving average price of $43.03. The stock has a market cap of $12.24 billion, a PE ratio of 11.39, a P/E/G ratio of 0.67 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 12.03%. The firm had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. During the same quarter last year, the company posted $1.46 earnings per share. Magna International’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, sell-side analysts predict that Magna International will post 5.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several large investors have recently bought and sold shares of MGA. LRI Investments LLC bought a new position in shares of Magna International in the first quarter valued at approximately $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Magna International during the 2nd quarter valued at $28,000. Kennebec Savings Bank bought a new stake in shares of Magna International in the 3rd quarter worth $32,000. Grove Bank & Trust lifted its holdings in shares of Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after buying an additional 343 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Magna International by 84.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after buying an additional 513 shares in the last quarter. Institutional investors and hedge funds 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.