CIBC Cuts Magna International (NYSE:MGA) Price Target to $54.00

Magna International (NYSE:MGA) (TSE:MG) had its price target cut by equities researchers at CIBC from $59.00 to $54.00 in a research note issued on Monday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s target price would suggest a potential upside of 16.18% from the company’s previous close.

Several other equities research analysts have also commented on MGA. JPMorgan Chase & Co. boosted their price objective on Magna International from $69.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Barclays decreased their price objective on Magna International from $62.00 to $60.00 and set an “equal weight” rating on the stock in a report on Monday. The Goldman Sachs Group dropped their target price on shares of Magna International from $56.00 to $48.00 and set a “neutral” rating for the company in a report on Monday. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada dropped their price objective on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $60.00.

Magna International Stock Performance

NYSE:MGA traded down $0.22 during trading hours on Monday, reaching $46.48. The company had a trading volume of 1,326,601 shares, compared to its average volume of 1,426,996. The firm has a market cap of $13.35 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.47 and a beta of 1.69. Magna International has a 1-year low of $45.99 and a 1-year high of $65.27. The business’s 50 day moving average price is $52.00 and its 200-day moving average price is $53.95. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results 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). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The firm had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same quarter in the prior year, the firm earned $1.11 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. Research analysts forecast that Magna International will post 6.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Magna International by 3.2% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 73,662 shares of the company’s stock valued at $4,014,000 after purchasing an additional 2,304 shares during the period. Tobam boosted its position in Magna International by 208.1% in the 1st quarter. Tobam now owns 4,079 shares of the company’s stock valued at $222,000 after buying an additional 2,755 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Magna International by 5.8% in the first quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock worth $8,573,000 after acquiring an additional 8,680 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Magna International by 202.7% during 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 period. Finally, UMB Bank n.a. increased its position in shares of Magna International by 13.0% during the first quarter. UMB Bank n.a. now owns 3,036 shares of the company’s stock worth $165,000 after acquiring an additional 350 shares during the period. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.