JPMorgan Chase & Co. Lowers Magna International (NYSE:MGA) Price Target to $69.00

Magna International (NYSE:MGAGet Free Report) (TSE:MG) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $77.00 to $69.00 in a research note issued to investors on Monday, BayStreet.CA reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 24.55% from the stock’s previous close.

Several other analysts have also weighed in on MGA. Scotiabank dropped their price objective on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a report on Monday. The Goldman Sachs Group cut Magna International from a “buy” rating to a “neutral” rating and cut their price objective for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. TheStreet lowered shares of Magna International from a “b-” rating to a “c+” rating in a research report on Friday, November 10th. Citigroup decreased their target price on shares of Magna International from $60.00 to $57.00 and set a “neutral” rating on the stock in a report on Monday. Finally, StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Thursday, January 25th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Magna International presently has an average rating of “Hold” and an average target price of $64.00.

Check Out Our Latest Stock Report on Magna International

Magna International Price Performance

MGA stock traded up $0.71 on Monday, hitting $55.40. 1,096,582 shares of the company’s stock traded hands, compared to its average volume of 1,157,160. Magna International has a 1-year low of $46.71 and a 1-year high of $65.27. The stock has a fifty day moving average of $56.69 and a 200-day moving average of $55.73. The stock has a market cap of $15.89 billion, a price-to-earnings ratio of 13.12, a P/E/G ratio of 0.44 and a beta of 1.71. The company has a current ratio of 1.11, a quick ratio of 0.75 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGAGet Free Report) (TSE:MG) last released its earnings results on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.13). Magna International had a net margin of 2.83% and a return on equity of 13.33%. The business had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.44 billion. During the same period last year, the firm earned $0.91 EPS. The company’s revenue was up 9.3% compared to the same quarter last year. On average, analysts forecast that Magna International will post 6.64 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 MGA. Thomas White International Ltd. grew its stake in Magna International by 8.6% during the 1st quarter. Thomas White International Ltd. now owns 13,142 shares of the company’s stock valued at $845,000 after acquiring an additional 1,043 shares in the last quarter. Achmea Investment Management B.V. purchased a new stake in Magna International during the 1st quarter valued at approximately $2,036,000. Power Corp of Canada acquired a new stake in Magna International in the first quarter valued at about $574,000. BNP Paribas Arbitrage SA increased its holdings in Magna International by 549.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 26,177 shares of the company’s stock valued at $1,683,000 after acquiring an additional 22,147 shares in the last quarter. Finally, BNP Paribas Arbitrage SNC grew its holdings in shares of Magna International by 272.2% during the third quarter. BNP Paribas Arbitrage SNC now owns 72,430 shares of the company’s stock worth $3,435,000 after buying an additional 52,971 shares in the last quarter. 62.21% of the stock is owned by hedge funds and other institutional investors.

About Magna International

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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.

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Analyst Recommendations for Magna International (NYSE:MGA)

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