Bank of America Begins Coverage on Magna International (NYSE:MGA)

Research analysts at Bank of America assumed coverage on shares of Magna International (NYSE:MGA) (TSE:MG) in a research note issued on Wednesday. The brokerage set a “buy” rating on the stock.

MGA has been the subject of a number of other reports. Wall Street Zen upgraded Magna International from a “buy” rating to a “strong-buy” rating in a research note on Monday, January 19th. Barclays boosted their target price on Magna International from $58.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 17th. Citigroup upped their target price on shares of Magna International from $49.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. The Goldman Sachs Group raised their price objective on shares of Magna International from $49.00 to $60.00 and gave the company a “sell” rating in a research note on Tuesday, February 17th. Finally, Scotiabank lifted their price objective on Magna International from $57.00 to $69.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 17th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $61.73.

Magna International Price Performance

Shares of Magna International stock opened at $60.79 on Wednesday. The firm has a market cap of $16.95 billion, a P/E ratio of 20.61 and a beta of 1.43. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.87 and a current ratio of 1.25. Magna International has a twelve month low of $30.39 and a twelve month high of $69.94. The firm’s 50-day simple moving average is $57.51 and its 200-day simple moving average is $51.14.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, February 13th. The company reported $2.18 EPS for the quarter, beating the consensus estimate of $1.81 by $0.37. Magna International had a return on equity of 12.73% and a net margin of 1.99%.The business had revenue of $10.74 billion for the quarter, compared to analyst estimates of $10.54 billion. During the same quarter in the previous year, the firm earned $1.69 EPS. Magna International’s quarterly revenue was up 2.1% on a year-over-year basis. Magna International has set its FY 2026 guidance at 6.250-7.250 EPS. As a group, research analysts expect that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ARGA Investment Management LP increased its position in shares of Magna International by 1.1% in the fourth quarter. ARGA Investment Management LP now owns 4,193,129 shares of the company’s stock valued at $223,512,000 after acquiring an additional 44,996 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Magna International by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 2,426,843 shares of the company’s stock valued at $128,774,000 after acquiring an additional 154,710 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Magna International by 7.8% in the 4th quarter. Russell Investments Group Ltd. now owns 2,090,887 shares of the company’s stock valued at $111,549,000 after purchasing an additional 151,819 shares during the period. Hillsdale Investment Management Inc. increased its position in Magna International by 2.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 725,425 shares of the company’s stock worth $38,741,000 after buying an additional 16,255 shares during the last quarter. Finally, AGF Management Ltd. acquired a new stake in shares of Magna International in the third quarter valued at approximately $14,191,000. 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.