Magna International (NYSE:MGA) Price Target Raised to $57.00

Magna International (NYSE:MGA) (TSE:MG) had its target price upped by Scotiabank from $52.00 to $57.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 6.08% from the stock’s previous close.

A number of other analysts have also issued reports on MGA. TD Securities boosted their target price on shares of Magna International from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. JPMorgan Chase & Co. upped their target price on shares of Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Evercore ISI boosted their price target on Magna International from $47.00 to $52.00 and gave the company an “in-line” rating in a report on Monday, November 24th. Barclays increased their price objective on Magna International from $52.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Morgan Stanley upped their target price on Magna International from $38.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, December 8th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $52.80.

Magna International Trading Up 1.0%

NYSE MGA traded up $0.53 during trading on Tuesday, hitting $53.74. The stock had a trading volume of 559,977 shares, compared to its average volume of 1,473,708. Magna International has a one year low of $30.39 and a one year high of $57.55. The stock has a 50 day simple moving average of $52.46 and a 200 day simple moving average of $47.87. The stock has a market capitalization of $15.06 billion, a price-to-earnings ratio of 14.69 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The firm had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts predict that Magna International will post 5.87 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Large investors have recently made changes to their positions in the business. ARGA Investment Management LP boosted its position in Magna International by 33.2% in the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock valued at $196,557,000 after buying an additional 1,033,747 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Magna International in the 3rd quarter valued at $33,593,000. Geode Capital Management LLC increased its stake in shares of Magna International by 20.2% in the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock worth $77,332,000 after acquiring an additional 338,470 shares during the period. AGF Management Ltd. purchased a new position in shares of Magna International during the third quarter worth $14,191,000. Finally, Achmea Investment Management B.V. acquired a new position in Magna International during the third quarter valued at $8,606,000. 67.49% of the stock is owned by institutional investors and hedge funds.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.