Barclays Raises Magna International (NYSE:MGA) Price Target to $58.00

Magna International (NYSE:MGA) (TSE:MG) had its price target lifted by investment analysts at Barclays from $52.00 to $58.00 in a research report issued on Friday, Marketbeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 9.01% from the stock’s current price.

Several other brokerages have also recently weighed in on MGA. Citigroup upped their price objective on shares of Magna International from $49.00 to $55.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. JPMorgan Chase & Co. increased their price target on Magna International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. BMO Capital Markets raised their price target on Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. UBS Group lifted their price objective on Magna International from $49.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, TD Securities increased their target price on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $52.47.

Magna International Stock Performance

Magna International stock opened at $53.21 on Friday. The firm has a market capitalization of $14.91 billion, a P/E ratio of 14.54 and a beta of 1.50. The stock has a fifty day moving average price of $52.35 and a two-hundred day moving average price of $47.76. Magna International has a 52-week low of $30.39 and a 52-week high of $57.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83.

Magna International (NYSE:MGA) (TSE:MG) last issued its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.24 by $0.09. The company had revenue of $10.50 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.28 EPS. As a group, analysts anticipate that Magna International will post 5.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several hedge funds have recently added to or reduced their stakes in MGA. Community Bank N.A. bought a new stake in Magna International during the 3rd quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of Magna International during the 2nd quarter worth approximately $27,000. Farther Finance Advisors LLC grew its position in shares of Magna International by 385.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,431 shares of the company’s stock worth $55,000 after buying an additional 1,136 shares during the period. Danske Bank A S bought a new stake in shares of Magna International during the third quarter worth approximately $112,000. Finally, Venturi Wealth Management LLC acquired a new position in Magna International in the fourth quarter valued at approximately $200,000. 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.