Wall Street Zen Downgrades Magna International (NYSE:MGA) to Buy

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

Several other research analysts also recently weighed in on the company. Wells Fargo & Company lowered their target price on Magna International from $51.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Magna International in a research note on Wednesday, October 8th. TD Securities lifted their price objective on shares of Magna International from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Morgan Stanley boosted their price objective on shares of Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, December 8th. Finally, Evercore ISI raised their target price on shares of Magna International from $47.00 to $52.00 and gave the stock an “in-line” rating in a research note on Monday, November 24th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.73.

Magna International Price Performance

Shares of NYSE:MGA opened at $56.18 on Friday. The company has a 50-day simple moving average of $51.25 and a 200-day simple moving average of $46.70. Magna International has a one year low of $30.39 and a one year high of $57.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.83 and a current ratio of 1.18. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.35 and a beta of 1.50.

Magna International (NYSE:MGA) (TSE:MG) last released 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 firm had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.03 billion. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company posted $1.28 earnings per share. On average, analysts predict that Magna International will post 5.87 EPS for the current year.

Institutional Trading of Magna International

Several institutional investors and hedge funds have recently modified their holdings of MGA. Integrated Wealth Concepts LLC grew its position in shares of Magna International by 1.8% in the third quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock valued at $675,000 after purchasing an additional 246 shares during the last quarter. Kendall Capital Management raised its position in shares of Magna International by 4.4% during the 3rd quarter. Kendall Capital Management now owns 8,835 shares of the company’s stock worth $419,000 after purchasing an additional 370 shares during the last quarter. Van ECK Associates Corp lifted its stake in Magna International by 6.0% in the 3rd quarter. Van ECK Associates Corp now owns 8,879 shares of the company’s stock valued at $421,000 after buying an additional 505 shares in the last quarter. Community Bank N.A. purchased a new stake in Magna International in the 3rd quarter valued at approximately $29,000. Finally, LRI Investments LLC acquired a new stake in Magna International during the 2nd quarter valued at $27,000. Hedge funds and other 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.