Magna International (MGA) Rating Increased to Buy at TD Securities

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Magna International (NYSE:MGA) (TSE:MG) was upgraded by stock analysts at TD Securities from a “hold” rating to a “buy” rating in a research report issued on Thursday, Marketbeat.com reports. The firm presently has a $60.00 price target on the stock, up from their previous price target of $58.00. TD Securities’ price objective points to a potential upside of 19.43% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Wolfe Research began coverage on Magna International in a research report on Tuesday, October 2nd. They issued an “outperform” rating on the stock. Barclays reaffirmed a “hold” rating and issued a $50.00 price target on shares of Magna International in a research report on Sunday, January 6th. Wells Fargo & Co lowered their price target on Magna International from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 17th. ValuEngine raised Magna International from a “sell” rating to a “hold” rating in a research report on Thursday, December 27th. Finally, KeyCorp began coverage on Magna International in a research report on Monday, December 10th. They issued a “sector weight” rating on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $65.57.

Shares of NYSE:MGA traded up $0.19 during midday trading on Thursday, hitting $50.24. The company’s stock had a trading volume of 1,438,178 shares, compared to its average volume of 1,092,475. The company has a market cap of $16.40 billion, a P/E ratio of 8.43, a P/E/G ratio of 0.81 and a beta of 1.29. Magna International has a fifty-two week low of $42.88 and a fifty-two week high of $67.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.19.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Thursday, November 8th. The company reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.07. The company had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $9.62 billion. Magna International had a return on equity of 19.98% and a net margin of 5.83%. The firm’s revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business posted $1.36 earnings per share. As a group, equities analysts predict that Magna International will post 6.72 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its position in Magna International by 25.6% during the third quarter. Russell Investments Group Ltd. now owns 1,575,923 shares of the company’s stock worth $82,485,000 after buying an additional 320,758 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Magna International by 37.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,345,605 shares of the company’s stock worth $70,632,000 after buying an additional 364,600 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Magna International by 2.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,338,853 shares of the company’s stock worth $70,219,000 after buying an additional 30,632 shares in the last quarter. Schroder Investment Management Group grew its position in Magna International by 11.5% during the third quarter. Schroder Investment Management Group now owns 1,275,631 shares of the company’s stock worth $86,552,000 after buying an additional 131,851 shares in the last quarter. Finally, US Bancorp DE grew its position in Magna International by 1.5% during the third quarter. US Bancorp DE now owns 888,907 shares of the company’s stock worth $46,693,000 after buying an additional 12,924 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Magna International Company Profile

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

See Also: Earnings Per Share (EPS) Explained

Analyst Recommendations for Magna International (NYSE:MGA)

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