Magna International (NYSE:MGA) Upgraded to Buy at StockNews.com

Magna International (NYSE:MGA) (TSE:MG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

A number of other brokerages have also recently commented on MGA. Royal Bank of Canada reduced their target price on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Monday, February 12th. CIBC reduced their price objective on Magna International from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. TD Securities lowered their price objective on Magna International from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. JPMorgan Chase & Co. boosted their target price on Magna International from $69.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Finally, BMO Capital Markets decreased their price target on Magna International from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Monday, February 12th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Magna International presently has an average rating of “Hold” and a consensus target price of $62.50.

Magna International Stock Performance

NYSE MGA opened at $46.71 on Thursday. The business has a 50-day moving average price of $52.00 and a 200-day moving average price of $53.92. The firm has a market cap of $13.42 billion, a price-to-earnings ratio of 11.07, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69. Magna International has a twelve month low of $46.11 and a twelve month high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.18). The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. The company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.11 EPS. As a group, equities research analysts predict that Magna International will post 6.13 EPS for the current fiscal year.

Institutional Trading of Magna International

A number of hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. boosted its stake in shares of Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after purchasing an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock worth $40,000 after buying an additional 526 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Magna International in the 1st quarter valued at $49,000. S.A. Mason LLC raised its position in shares of Magna International by 24.4% in the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after acquiring an additional 229 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Magna International by 50.8% during the 4th quarter. Parallel Advisors LLC now owns 2,611 shares of the company’s stock worth $154,000 after purchasing an additional 879 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.