Magna International, Inc. (MGA) Upgraded at Zacks Investment Research
Magna International, Inc. (NYSE:MGA) (TSE:MG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $52.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.80% from the stock’s current price.
According to Zacks, “Magna International reported better-than-expected second-quarter 2017 earnings per as well as revenues. Both earnings per share and revenues rose year over year too. For 2017, Magna International raised revenues projections for the Vehicle Production, Complete Vehicle Assembly as well as the total revenues. It also raised production guidance in Europe for 2017. Also, Magna International regularly undertakes capital deployment in order to enhance shareholder value. Its expansion strategy in emerging markets is expected to support results. However, in the current fiscal, Magna International’s light vehicle production is expected to decline in North America. Also, fluctuating foreign currencies against the U.S. dollar will adversely affect the company’s sales and earnings. Magna International underperformed the industry it belongs to over the last three months.”
Other analysts also recently issued reports about the stock. Royal Bank Of Canada lifted their price objective on shares of Magna International from $60.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, August 14th. Cormark upgraded shares of Magna International from a “buy” rating to a “top pick” rating in a report on Tuesday, July 11th. Morgan Stanley lowered their price objective on shares of Magna International from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Friday, June 9th. Scotiabank lifted their price objective on shares of Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Finally, TD Securities lifted their price objective on shares of Magna International from $55.00 to $56.00 and gave the company a “buy” rating in a report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $53.50.
Magna International (NYSE:MGA) traded down 1.12% during mid-day trading on Wednesday, reaching $46.10. 1,753,701 shares of the company’s stock traded hands. Magna International has a 1-year low of $36.77 and a 1-year high of $48.90. The stock has a market cap of $17.05 billion, a P/E ratio of 8.33 and a beta of 1.44. The firm has a 50-day moving average price of $47.29 and a 200-day moving average price of $44.44.
Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.01. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The company had revenue of $9.68 billion for the quarter, compared to the consensus estimate of $9.50 billion. During the same period last year, the company earned $1.41 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Magna International will post $5.87 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the stock. RKL Wealth Management LLC bought a new position in Magna International during the first quarter worth approximately $455,000. DnB Asset Management AS boosted its position in Magna International by 1.8% in the second quarter. DnB Asset Management AS now owns 1,563,041 shares of the company’s stock worth $72,416,000 after buying an additional 27,384 shares during the period. Timber Hill LLC bought a new position in Magna International during the first quarter worth approximately $852,000. US Bancorp DE boosted its position in Magna International by 9.6% in the second quarter. US Bancorp DE now owns 922,553 shares of the company’s stock worth $42,742,000 after buying an additional 80,773 shares during the period. Finally, Benson Investment Management Company Inc. boosted its position in Magna International by 4.0% in the second quarter. Benson Investment Management Company Inc. now owns 54,440 shares of the company’s stock worth $2,522,000 after buying an additional 2,095 shares during the period. 60.44% of the stock is owned by institutional investors and hedge funds.
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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