Magna International (MGA) Price Target Raised to $80.00

Magna International (NYSE:MGA) (TSE:MG) had its target price lifted by Scotiabank from $78.00 to $80.00 in a report released on Wednesday morning. They currently have an outperform rating on the stock.

MGA has been the subject of several other research reports. Wells Fargo & Co upgraded Magna International from a market perform rating to an outperform rating in a research report on Friday, January 12th. Zacks Investment Research upgraded Magna International from a hold rating to a buy rating and set a $58.00 price objective for the company in a research report on Wednesday, September 20th. ValuEngine upgraded Magna International from a buy rating to a strong-buy rating in a research report on Wednesday, October 18th. Macquarie reissued an outperform rating and issued a $72.00 target price (up from $59.00) on shares of Magna International in a research note on Tuesday, January 9th. Finally, Raymond James Financial lifted their target price on Magna International from $67.00 to $68.00 and gave the company an outperform rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $61.54.

Shares of Magna International (NYSE:MGA) traded down $1.19 on Wednesday, reaching $58.28. The company’s stock had a trading volume of 1,336,361 shares, compared to its average volume of 993,326. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 0.28. Magna International has a 52-week low of $39.50 and a 52-week high of $59.99. The company has a market cap of $20,960.00, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 0.94 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Thursday, November 9th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.05. Magna International had a return on equity of 19.46% and a net margin of 5.63%. The firm had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $9.26 billion. During the same quarter in the previous year, the company posted $1.29 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. sell-side analysts forecast that Magna International will post 5.97 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Becker Capital Management Inc. increased its stake in shares of Magna International by 2.0% in the 3rd quarter. Becker Capital Management Inc. now owns 804,100 shares of the company’s stock valued at $42,923,000 after buying an additional 15,515 shares during the period. Neuberger Berman Group LLC acquired a new stake in shares of Magna International in the 3rd quarter valued at $5,333,000. Financial Counselors Inc. acquired a new stake in shares of Magna International in the 3rd quarter valued at $258,000. Marathon Asset Management LLP acquired a new stake in shares of Magna International in the 3rd quarter valued at $21,107,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Magna International by 1.2% during the third quarter. Bank of New York Mellon Corp now owns 515,565 shares of the company’s stock worth $27,521,000 after purchasing an additional 5,999 shares during the period. 59.67% of the stock is owned by institutional investors.

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Magna International Company Profile

Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

Analyst Recommendations for Magna International (NYSE:MGA)

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