Magna International (NYSE:MGA) Rating Increased to Strong-Buy at Zacks Research

Magna International (NYSE:MGA) (TSE:MG) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other research analysts have also recently weighed in on MGA. Canadian Imperial Bank of Commerce upgraded shares of Magna International from a “neutral” rating to an “outperformer” rating and lifted their target price for the company from $56.00 to $76.00 in a research note on Wednesday, February 18th. Bank of America started coverage on shares of Magna International in a report on Wednesday. They set a “buy” rating on the stock. The Goldman Sachs Group lifted their price objective on shares of Magna International from $49.00 to $60.00 and gave the company a “sell” rating in a report on Tuesday, February 17th. UBS Group upped their price objective on shares of Magna International from $49.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada lifted their target price on Magna International from $48.00 to $59.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $61.73.

Magna International Trading Down 3.4%

NYSE:MGA opened at $58.80 on Thursday. The company has a market cap of $16.40 billion, a PE ratio of 19.93 and a beta of 1.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.36. The company has a 50 day simple moving average of $57.61 and a two-hundred day simple moving average of $51.24. Magna International has a 12 month low of $30.39 and a 12 month high of $69.94.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, February 13th. The company reported $2.18 EPS for the quarter, beating the consensus estimate of $1.81 by $0.37. Magna International had a net margin of 1.99% and a return on equity of 12.73%. The firm had revenue of $10.74 billion during the quarter, compared to analyst estimates of $10.54 billion. During the same quarter in the prior year, the firm earned $1.69 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Magna International has set its FY 2026 guidance at 6.250-7.250 EPS. Research analysts forecast that Magna International will post 5.87 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new position in shares of Magna International in the third quarter valued at approximately $1,880,000. ARGA Investment Management LP raised 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 purchasing an additional 1,033,747 shares during the period. AGF Management Ltd. acquired a new stake in shares of Magna International during the third quarter valued at about $14,191,000. Meritage Portfolio Management acquired a new stake in shares of Magna International in the third quarter valued at $3,551,000. Finally, Western Wealth Management LLC purchased a new position in shares of Magna International in the second quarter valued at approximately $249,000. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Company Profile

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.