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

Magna International (NYSE:MGA) (TSE:MG) had its target price upped by investment analysts at Scotiabank from $52.00 to $57.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target would suggest a potential upside of 8.87% from the stock’s previous close.

MGA has been the subject of a number of other research reports. BMO Capital Markets lifted their target price on shares of Magna International from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Magna International in a report on Wednesday, October 8th. UBS Group lifted their price target on shares of Magna International from $49.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. TD Securities increased their price objective on shares of Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Evercore ISI raised their price objective on shares of Magna International from $47.00 to $52.00 and gave the stock an “in-line” rating in a report on Monday, November 24th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $52.80.

Magna International Stock Performance

MGA stock opened at $52.36 on Tuesday. The firm has a 50 day moving average of $52.67 and a two-hundred day moving average of $47.98. Magna International has a 12 month low of $30.39 and a 12 month high of $57.55. The company has a market capitalization of $14.67 billion, a price-to-earnings ratio of 14.30 and a beta of 1.50. The company has a quick ratio of 0.83, a current ratio of 1.18 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 the consensus estimate of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The company had revenue of $10.50 billion for the quarter, compared to the consensus estimate 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. As a group, equities analysts anticipate that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Trading of Magna International

Large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its holdings in Magna International by 1.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 14,241 shares of the company’s stock worth $675,000 after buying an additional 246 shares during the period. Kendall Capital Management increased its position in shares of Magna International by 4.4% during the third quarter. Kendall Capital Management now owns 8,835 shares of the company’s stock worth $419,000 after acquiring an additional 370 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Magna International by 6.0% during the third quarter. Van ECK Associates Corp now owns 8,879 shares of the company’s stock worth $421,000 after acquiring an additional 505 shares during the period. Community Bank N.A. acquired a new position in Magna International in the 3rd quarter worth $29,000. Finally, LRI Investments LLC bought a new position in Magna International during the 2nd quarter worth about $27,000. 67.49% of the stock is owned by institutional investors and hedge funds.

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.