Magna International (MGA) Price Target Cut to $62.00 by Analysts at Citigroup

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by investment analysts at Citigroup from $69.00 to $62.00 in a research note issued on Friday, Stock Target Advisor reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 29.68% from the company’s current price.

MGA has been the topic of several other reports. Zacks Investment Research upgraded Magna International from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. ValuEngine lowered Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Barclays began coverage on Magna International in a research report on Wednesday. They set an “equal weight” rating on the stock. Morgan Stanley dropped their price target on Magna International from $53.00 to $48.00 and set a “sell” rating on the stock in a research report on Monday, August 13th. Finally, CIBC raised Magna International from a “neutral” rating to an “outperform” rating in a report on Thursday, September 13th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Magna International presently has a consensus rating of “Buy” and an average price target of $65.44.

NYSE MGA opened at $47.81 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 1.17. Magna International has a twelve month low of $46.77 and a twelve month high of $67.47. The company has a market cap of $17.86 billion, a P/E ratio of 8.02, a PEG ratio of 0.90 and a beta of 1.36.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Wednesday, August 8th. The company reported $1.67 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.07). Magna International had a net margin of 5.72% and a return on equity of 19.72%. The firm had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.45 billion. During the same quarter in the prior year, the firm earned $1.48 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts predict that Magna International will post 6.85 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in MGA. Norges Bank bought a new stake in Magna International in the fourth quarter worth $142,736,000. Emerald Acquisition Ltd. bought a new stake in Magna International in the second quarter worth $98,800,000. BNP Paribas Arbitrage SA boosted its holdings in Magna International by 39.1% in the fourth quarter. BNP Paribas Arbitrage SA now owns 7,045,857 shares of the company’s stock worth $443,379,000 after acquiring an additional 1,981,830 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Magna International in the fourth quarter worth $82,926,000. Finally, Cornerstone Investment Partners LLC boosted its holdings in Magna International by 87.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 3,223,162 shares of the company’s stock worth $182,657,000 after acquiring an additional 1,505,458 shares in the last quarter. 59.53% of the stock is currently owned by institutional investors and hedge funds.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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