Scotiabank Raises Magna International (NYSE:MGA) Price Target to $52.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective upped by Scotiabank from $50.00 to $52.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 22.11% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. TD Securities reduced their price target on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, September 30th. CIBC decreased their target price on Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Citigroup dropped their price target on Magna International from $52.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. UBS Group decreased their price objective on Magna International from $51.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Barclays dropped their target price on Magna International from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $49.76.

Magna International Stock Performance

MGA opened at $42.59 on Monday. The business has a fifty day simple moving average of $41.33 and a 200-day simple moving average of $43.03. The firm has a market cap of $12.24 billion, a PE ratio of 11.39, a P/E/G ratio of 0.67 and a beta of 1.59. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. Magna International has a fifty-two week low of $38.01 and a fifty-two week high of $60.32.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion during the quarter, compared to analysts’ expectations of $10.34 billion. Magna International had a return on equity of 12.03% and a net margin of 2.52%. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. As a group, equities analysts predict that Magna International will post 5.4 EPS for the current fiscal year.

Institutional Trading of Magna International

A number of institutional investors and hedge funds have recently made changes to their positions in MGA. JARISLOWSKY FRASER Ltd lifted its stake in shares of Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after buying an additional 395,745 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock valued at $60,118,000 after acquiring an additional 289,105 shares during the period. Quantbot Technologies LP grew its position in shares of Magna International by 616.1% in the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after purchasing an additional 114,160 shares during the last quarter. Millennium Management LLC increased its stake in shares of Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the period. Finally, Toronto Dominion Bank lifted its position in shares of Magna International by 1.9% during the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.