Magna International, Inc. (MGA) Lowered to “Hold” at Edward Jones
Magna International, Inc. (NYSE:MGA) (TSE:MG) was downgraded by research analysts at Edward Jones from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
A number of other equities analysts have also recently weighed in on the company. ValuEngine cut Magna International from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. TD Securities upgraded Magna International from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $55.00 in a report on Friday, May 12th. BidaskClub upgraded Magna International from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research lowered Magna International from a “buy” rating to a “hold” rating in a report on Thursday, May 18th. Finally, Scotiabank lifted their price target on Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $51.00.
Magna International (MGA) traded up 0.67% during trading on Wednesday, hitting $48.34. 1,347,492 shares of the stock were exchanged. Magna International has a one year low of $36.77 and a one year high of $48.90. The company has a market cap of $18.38 billion, a price-to-earnings ratio of 8.84 and a beta of 1.44. The stock’s 50 day moving average is $46.19 and its 200-day moving average is $43.97.
Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Thursday, May 11th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.19. The firm had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.13 billion. Magna International had a return on equity of 20.58% and a net margin of 5.76%. Magna International’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 earnings per share. On average, equities research analysts expect that Magna International will post $5.76 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cardinal Capital Management Inc. boosted its position in shares of Magna International by 2,712.5% in the second quarter. Cardinal Capital Management Inc. now owns 987,200 shares of the company’s stock valued at $45,676,000 after buying an additional 952,100 shares during the period. Russell Investments Group Ltd. boosted its stake in Magna International by 34.8% in the second quarter. Russell Investments Group Ltd. now owns 2,020,359 shares of the company’s stock worth $93,453,000 after buying an additional 521,929 shares during the last quarter. United Services Automobile Association boosted its stake in Magna International by 137.6% in the first quarter. United Services Automobile Association now owns 718,747 shares of the company’s stock worth $31,021,000 after buying an additional 416,297 shares during the last quarter. Schroder Investment Management Group boosted its stake in Magna International by 28.4% in the first quarter. Schroder Investment Management Group now owns 1,852,568 shares of the company’s stock worth $107,838,000 after buying an additional 410,007 shares during the last quarter. Finally, Scout Investments Inc. boosted its stake in Magna International by 49.4% in the first quarter. Scout Investments Inc. now owns 1,169,386 shares of the company’s stock worth $50,237,000 after buying an additional 386,447 shares during the last quarter. 61.27% of the stock is owned by institutional investors.
About Magna International
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.
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