Magna International (NYSE:MGA) Stock Price Target Lowered at Royal Bank Of Canada

Magna International (NYSE:MGA) (TSE:MG) had its target price dropped by research analysts at Royal Bank Of Canada from $68.00 to $66.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada‘s target price would suggest a potential downside of 0.04% from the stock’s current price.

MGA has been the subject of a number of other research reports. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $76.00 to $70.00 in a research report on Friday, September 18th. Canadian Imperial Bank of Commerce cut Magna International from an “outperformer” rating to a “hold” rating and reduced their target price for the company from $78.00 to $70.00 in a report on Wednesday, October 21st. Wells Fargo & Company increased their price objective on shares of Magna International from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered shares of Magna International from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $77.00 to $72.00 in a research note on Tuesday, September 15th. Finally, Scotiabank increased their price objective on shares of Magna International from $74.00 to $78.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $68.73.

Magna International Trading Up 3.5%

Shares of MGA traded up $2.20 during mid-day trading on Monday, reaching $66.02. The stock had a trading volume of 168,201 shares, compared to its average volume of 1,486,733. The business’s fifty day moving average is $65.04 and its 200 day moving average is $62.66. The firm has a market cap of $17.14 billion, a price-to-earnings ratio of 21.15, a P/E/G ratio of 0.68 and a beta of 1.46. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.22 and a quick ratio of 0.88. Magna International has a 52-week low of $45.33 and a 52-week high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, October 30th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.58 by $0.25. The company had revenue of $9.86 billion during the quarter, compared to analysts’ expectations of $10.01 billion. Magna International had a net margin of 1.99% and a return on equity of 16.10%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. On average, sell-side analysts predict that Magna International will post 7.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC grew its position in Magna International by 2.4% in the third quarter. Frank Rimerman Advisors LLC now owns 6,744 shares of the company’s stock valued at $429,000 after acquiring an additional 156 shares during the period. Cordatus Wealth Management LLC increased its position in Magna International by 2.8% in the third quarter. Cordatus Wealth Management LLC now owns 6,181 shares of the company’s stock worth $394,000 after purchasing an additional 168 shares during the period. Steph & Co. increased its position in Magna International by 2.1% in the third quarter. Steph & Co. now owns 8,373 shares of the company’s stock worth $533,000 after purchasing an additional 172 shares during the period. Parallel Advisors LLC raised its holdings in Magna International by 9.1% during the 1st quarter. Parallel Advisors LLC now owns 3,299 shares of the company’s stock worth $184,000 after purchasing an additional 275 shares during the last quarter. Finally, Andra AP fonden raised its holdings in Magna International by 1.1% during the 2nd quarter. Andra AP fonden now owns 28,200 shares of the company’s stock worth $1,852,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

Magna International Company Profile

Magna International Inc is a global automotive supplier headquartered in Aurora, Ontario, Canada. The company designs, engineers and manufactures components and systems for automakers, serving vehicle manufacturers across North America, Europe and Asia.

Its products and services span several automotive categories, including body and chassis structures, exterior systems, powertrain and driveline components, seating, vehicle electronics, lighting, mirrors, and advanced driver assistance technologies.