Bank of America Corporation upgraded shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) from an underperform rating to a buy rating in a research note released on Wednesday, October 18th, Marketbeat Ratings reports. Bank of America Corporation currently has $63.00 price target on the stock.
Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada boosted their price objective on Magna International from $60.00 to $61.00 and gave the company an outperform rating in a research note on Monday, August 14th. Cormark upgraded Magna International from a buy rating to a top pick rating in a research note on Tuesday, July 11th. Zacks Investment Research upgraded Magna International from a hold rating to a buy rating and set a $52.00 price objective on the stock in a research note on Wednesday, August 16th. ValuEngine lowered Magna International from a strong-buy rating to a buy rating in a report on Friday, September 1st. Finally, Citigroup Inc. lifted their target price on Magna International from $54.00 to $55.00 and gave the company a buy rating in a report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Magna International has a consensus rating of Buy and a consensus target price of $56.00.
Magna International (NYSE:MGA) traded down 1.14% during trading on Wednesday, hitting $54.54. 931,930 shares of the stock were exchanged. The stock has a market capitalization of $20.17 billion, a price-to-earnings ratio of 9.85 and a beta of 1.46. The firm has a 50-day moving average of $53.26 and a 200-day moving average of $47.42. Magna International has a 52 week low of $36.77 and a 52 week high of $55.76.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Friday, August 11th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.01. Magna International had a return on equity of 20.01% and a net margin of 5.73%. The business had revenue of $9.68 billion for the quarter, compared to analysts’ expectations of $9.50 billion. During the same period in the previous year, the business posted $1.41 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Magna International will post $5.90 earnings per share for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its position in Magna International by 19.5% in the 2nd quarter. IFP Advisors Inc now owns 4,011 shares of the company’s stock worth $186,000 after buying an additional 654 shares during the last quarter. Advisory Services Network LLC lifted its position in Magna International by 17.2% in the second quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock valued at $197,000 after purchasing an additional 625 shares during the last quarter. Regent Investment Management LLC bought a new stake in Magna International in the second quarter valued at approximately $204,000. Westwood Management Corp IL bought a new stake in Magna International in the third quarter valued at approximately $214,000. Finally, Smithbridge Asset Management Inc. DE bought a new stake in Magna International in the second quarter valued at approximately $219,000. Institutional investors own 59.79% of the company’s stock.
Magna International Company Profile
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.
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