Magna International (NYSE:MGA) (TSE:MG) had its target price increased by equities research analysts at Scotiabank from $78.00 to $80.00 in a research note issued on Wednesday. The firm currently has an “outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 37.84% from the company’s current price.
MGA has been the subject of several other reports. Wells Fargo & Co upgraded Magna International from a “market perform” rating to an “outperform” rating in a research note on Friday, January 12th. Zacks Investment Research upgraded Magna International from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, September 20th. ValuEngine upgraded Magna International from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 18th. Macquarie reiterated an “outperform” rating and issued a $72.00 price target (up previously from $59.00) on shares of Magna International in a research note on Tuesday, January 9th. Finally, Raymond James Financial increased their price target on Magna International from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, January 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Magna International currently has a consensus rating of “Buy” and a consensus target price of $59.77.
Magna International (MGA) traded down $1.60 during trading hours on Wednesday, hitting $58.04. The stock had a trading volume of 2,050,600 shares, compared to its average volume of 1,378,210. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.89. The stock has a market cap of $21,330.00, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 0.93 and a beta of 1.50. Magna International has a 52-week low of $39.50 and a 52-week high of $59.71.
Hedge funds have recently modified their holdings of the business. Becker Capital Management Inc. increased its stake in Magna International by 2.0% in the 3rd quarter. Becker Capital Management Inc. now owns 804,100 shares of the company’s stock worth $42,923,000 after buying an additional 15,515 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in Magna International in the 3rd quarter worth $5,333,000. Financial Counselors Inc. bought a new position in shares of Magna International during the 3rd quarter valued at about $258,000. Marathon Asset Management LLP bought a new position in shares of Magna International during the 3rd quarter valued at about $21,107,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Magna International by 1.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 515,565 shares of the company’s stock valued at $27,521,000 after purchasing an additional 5,999 shares during the last quarter. Institutional investors and hedge funds own 59.67% of the company’s stock.
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About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
