Magna International, Inc. (MGA) Stock Rating Upgraded by 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 research report issued to clients and investors on Wednesday. The brokerage presently has a $58.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.24% from the company’s previous close.
According to Zacks, “Zacks Consensus Estimate for Magna International’s third quarter earnings has 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.”
MGA has been the topic of a number of other reports. Edward Jones lowered shares of Magna International from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. TD Securities upped their target price 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. BidaskClub lowered shares of Magna International from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. KeyCorp restated a “buy” rating on shares of Magna International in a report on Sunday. Finally, Morgan Stanley lowered shares of Magna International from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $56.00 to $47.00 in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $53.20.
Shares of Magna International (MGA) traded up 0.66% on Wednesday, reaching $52.14. 1,069,562 shares of the company’s stock were exchanged. The firm has a market capitalization of $19.29 billion, a P/E ratio of 9.42 and a beta of 1.43. The firm has a 50 day moving average of $47.98 and a 200 day moving average of $45.15. Magna International has a one year low of $36.77 and a one year high of $52.46.
Magna International (NYSE:MGA) (TSE:MG) last released its earnings results 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. The company had revenue of $9.68 billion for the quarter, compared to analyst estimates of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.41 EPS. On average, equities research analysts predict that Magna International will post $5.89 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. SRS Capital Advisors Inc. increased its stake in shares of Magna International by 16.4% during the 1st quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock valued at $139,000 after acquiring an additional 456 shares during the last quarter. Mckinley Capital Management LLC Delaware acquired a new position in shares of Magna International during the 1st quarter valued at about $173,000. IFP Advisors Inc increased its stake in shares of Magna International by 19.5% during the 2nd quarter. IFP Advisors Inc now owns 4,011 shares of the company’s stock valued at $186,000 after acquiring an additional 654 shares during the last quarter. Advisory Services Network LLC increased its position in Magna International by 17.2% during the 2nd quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock worth $197,000 after purchasing an additional 625 shares in the last quarter. Finally, Regent Investment Management LLC acquired a new stake in Magna International during the 2nd quarter worth approximately $204,000. 59.46% 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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