CIBC Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its price objective lifted by analysts at CIBC from $50.00 to $56.00 in a report released on Monday,BayStreet.CA reports. The firm presently has a “neutral” rating on the stock. CIBC’s price objective would indicate a potential downside of 1.22% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada lifted their target price on shares of Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a research note on Monday, November 3rd. TD Securities increased their price objective on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Barclays lifted their price objective on Magna International from $45.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. upped their target price on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, Wall Street Zen raised Magna International from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $50.73.

Magna International Trading Up 3.0%

Shares of NYSE MGA opened at $56.69 on Monday. 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 has a one year low of $30.39 and a one year high of $56.94. The business has a 50-day moving average price of $50.63 and a two-hundred day moving average price of $46.38. The firm has a market capitalization of $15.94 billion, a PE ratio of 15.49 and a beta of 1.50.

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

Hedge Funds Weigh In On Magna International

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

Magna International Company Profile

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.