Magna International (NYSE:MGA) Lowered to “Buy” Rating by Wall Street Zen

Magna International (NYSE:MGA) (TSE:MG) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

MGA has been the subject of several other reports. TD Securities raised their target price on shares of Magna International from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. CIBC raised their price objective on Magna International from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. lifted their target price on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. BMO Capital Markets increased their price target on Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Finally, Barclays raised their price target on Magna International from $45.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 10th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Magna International has an average rating of “Hold” and a consensus target price of $50.33.

Magna International Price Performance

NYSE:MGA opened at $55.12 on Friday. The stock has a market capitalization of $15.49 billion, a PE ratio of 15.06 and a beta of 1.53. Magna International has a 1-year low of $30.39 and a 1-year high of $55.31. The firm has a fifty day simple moving average of $48.51 and a 200 day simple moving average of $44.85. The company has a current ratio of 1.18, a quick ratio of 0.83 and a debt-to-equity ratio of 0.38.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.09. Magna International had a net margin of 2.50% and a return on equity of 11.88%. The firm had revenue of $10.50 billion during the quarter, compared to analysts’ expectations of $10.03 billion. During the same quarter last year, the company posted $1.28 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts expect that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Magna International

A number of institutional investors have recently modified their holdings of the business. LRI Investments LLC bought a new position in Magna International during the second quarter worth about $27,000. Community Bank N.A. acquired a new position in shares of Magna International during the 3rd quarter worth approximately $29,000. Farther Finance Advisors LLC increased its holdings in shares of Magna International by 385.1% during the second quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after purchasing an additional 1,136 shares during the period. Parallel Advisors LLC raised its position in shares of Magna International by 115.3% in the second quarter. Parallel Advisors LLC now owns 2,498 shares of the company’s stock valued at $96,000 after buying an additional 1,338 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Magna International in the third quarter valued at approximately $112,000. Institutional investors own 67.49% of the company’s stock.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.