Magna International, Inc. (NYSE:MGA) (TSE:MG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $55.00 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.88% from the company’s current price.

According to Zacks, “Zacks Consensus Estimate for Magna International for the third quarter earnings have been going up of late. The company is well positioned to benefit from its leading position in the industry as well as its operational efficiency and diverse product portfolio. Moreover, its expansion strategies in emerging markets and focus on innovation for strong growth are expected to have a positive impact on its financials. Further, Magna International expects notable growth opportunities of its business through acquisitions and collaborations. The company also undertakes regular capital deployments in order to enhance shareholder value.”

A number of other brokerages have also recently commented on MGA. Royal Bank Of Canada lifted their target price on shares of Magna International from $60.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, August 14th. Citigroup Inc. lifted their target price on shares of Magna International from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. TD Securities lifted their target price on shares of Magna International from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, August 14th. Deutsche Bank AG reiterated a “buy” rating and issued a $61.00 target price (up previously from $59.00) on shares of Magna International in a research report on Monday, August 14th. Finally, Edward Jones cut shares of Magna International from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.90.

Shares of Magna International (NYSE MGA) opened at 49.61 on Thursday. The company has a 50 day moving average of $47.53 and a 200 day moving average of $44.87. The company has a market cap of $18.35 billion, a PE ratio of 8.96 and a beta of 1.43. Magna International has a 52 week low of $36.77 and a 52 week high of $49.85.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.01. The firm had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $1.41 EPS. On average, analysts expect that Magna International will post $5.89 EPS for the current year.

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Several large investors have recently added to or reduced their stakes in MGA. Northcoast Asset Management boosted its holdings in shares of Magna International by 17.1% in the 3rd quarter. Northcoast Asset Management now owns 83,471 shares of the company’s stock valued at $4,007,000 after buying an additional 12,176 shares in the last quarter. Nexus Investment Management boosted its holdings in shares of Magna International by 13.6% in the 4th quarter. Nexus Investment Management now owns 25,895 shares of the company’s stock valued at $1,050,000 after buying an additional 3,095 shares in the last quarter. ICON Advisers bought a new stake in shares of Magna International in the 3rd quarter valued at about $1,935,000. Raymond James Trust boosted its holdings in shares of Magna International by 12.2% in the 4th quarter. Raymond James Trust now owns 60,395 shares of the company’s stock valued at $2,450,000 after buying an additional 6,563 shares in the last quarter. Finally, Fox Run Management bought a new stake in shares of Magna International in the 4th quarter valued at about $933,000. Institutional investors and hedge funds own 59.73% of the company’s stock.

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.

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Analyst Recommendations for Magna International (NYSE:MGA)

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