Magna International (MGA) Raised to “Outperform” at Wells Fargo & Co

Magna International (NYSE:MGA) (TSE:MG) was upgraded by equities researchers at Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a report released on Friday, Marketbeat Ratings reports.

Several other research firms have also weighed in on MGA. Macquarie restated an “outperform” rating and set a $72.00 price objective (up previously from $59.00) on shares of Magna International in a research report on Tuesday, January 9th. Raymond James Financial raised their price objective on shares of Magna International from $67.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday. ValuEngine upgraded shares of Magna International from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 18th. Zacks Investment Research cut shares of Magna International from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Goldman Sachs Group cut shares of Magna International from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $45.00 to $41.00 in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $58.15.

Magna International (MGA) opened at $59.64 on Friday. Magna International has a 12-month low of $39.50 and a 12-month high of $59.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.89 and a current ratio of 1.26. The firm has a market cap of $21,521.69, a PE ratio of 10.63, a PEG ratio of 0.94 and a beta of 1.49.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Thursday, November 9th. The company reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.05. Magna International had a net margin of 5.63% and a return on equity of 19.46%. The company had revenue of $9.50 billion during the quarter, compared to analyst estimates of $9.26 billion. During the same quarter last year, the firm posted $1.29 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. sell-side analysts expect that Magna International will post 5.97 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Laurel Wealth Advisors Inc. boosted its holdings in shares of Magna International by 5.1% in the second quarter. Laurel Wealth Advisors Inc. now owns 5,361 shares of the company’s stock worth $248,000 after buying an additional 261 shares during the period. Advisory Services Network LLC boosted its holdings in shares of Magna International by 17.2% in the second quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock worth $197,000 after buying an additional 625 shares during the period. Bank of Hawaii boosted its holdings in shares of Magna International by 26.5% in the second quarter. Bank of Hawaii now owns 7,057 shares of the company’s stock worth $327,000 after buying an additional 1,479 shares during the period. Mascoma Wealth Management LLC boosted its holdings in shares of Magna International by 53.5% during the third quarter. Mascoma Wealth Management LLC now owns 8,901 shares of the company’s stock worth $475,000 after purchasing an additional 3,101 shares during the period. Finally, Westwood Management Corp IL acquired a new stake in shares of Magna International during the third quarter worth approximately $214,000. Institutional investors own 59.65% of the company’s stock.

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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.

Analyst Recommendations for Magna International (NYSE:MGA)