Zacks Investment Research Lowers Magna International, Inc. (MGA) to Hold
Magna International, Inc. (NYSE:MGA) (TSE:MG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Magna International is well positioned to benefit from its leading position in the industry as well as its operational efficiency and diverse product portfolio. The company announced that it has joined a consortium initiated by BMW AG and Intel Corporation to develop an autonomous and flexible vehicle platform for auto manufacturers by 2021. 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 subject of a number of other reports. ValuEngine upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 18th. Morgan Stanley cut shares of Magna International from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $56.00 to $47.00 in a report on Monday, August 28th. Edward Jones cut shares of Magna International from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. KeyCorp raised their target price on shares of Magna International from $55.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 13th. Finally, BidaskClub upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $56.00.
Shares of Magna International (NYSE MGA) traded up 0.44% during midday trading on Thursday, hitting $55.20. The stock had a trading volume of 308,481 shares. The firm has a 50 day moving average of $52.90 and a 200-day moving average of $47.26. The company has a market cap of $20.42 billion, a P/E ratio of 9.97 and a beta of 1.46. Magna International has a one year low of $36.77 and a one year high of $55.76.
Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.01. The firm had revenue of $9.68 billion during 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 firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. On average, analysts forecast that Magna International will post $5.90 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in MGA. Northcoast Asset Management raised its holdings in shares of Magna International by 17.1% during the 3rd quarter. Northcoast Asset Management now owns 83,471 shares of the company’s stock valued at $4,007,000 after purchasing an additional 12,176 shares in the last quarter. Nexus Investment Management grew its stake in 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 during the last quarter. ICON Advisers acquired a new position in Magna International in the 3rd quarter valued at $1,935,000. Raymond James Trust grew its stake in 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 during the last quarter. Finally, Fox Run Management acquired a new position in Magna International in the 4th quarter valued at $933,000. Institutional investors and hedge funds own 59.79% of the company’s stock.
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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