Magna International (NYSE:MGA) Given New $68.00 Price Target at Morgan Stanley

Magna International (NYSE:MGA) (TSE:MG) had its price objective lowered by Morgan Stanley from $69.00 to $68.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 2.71% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada lowered their price target on Magna International from $69.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Monday. TD cut their price objective on Magna International from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. BMO Capital Markets restated a “market perform” rating and set a $70.00 target price (down from $76.00) on shares of Magna International in a research note on Friday, September 18th. UBS Group raised their target price on Magna International from $62.00 to $64.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Scotiabank lifted their price target on Magna International from $74.00 to $78.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $69.13.

Magna International Stock Up 2.7%

Shares of NYSE:MGA traded up $1.75 during midday trading on Thursday, hitting $66.20. 539,753 shares of the stock were exchanged, compared to its average volume of 1,503,196. The business’s fifty day simple moving average is $66.31 and its two-hundred day simple moving average is $64.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 1.22. Magna International has a 52-week low of $44.33 and a 52-week high of $73.22. The company has a market capitalization of $17.53 billion, a PE ratio of 23.97, a P/E/G ratio of 0.69 and a beta of 1.46.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, July 31st. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.33. The business had revenue of $10.84 billion during the quarter, compared to analysts’ expectations of $10.63 billion. Magna International had a net margin of 1.80% and a return on equity of 15.04%. Magna International’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 earnings per share. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. As a group, research analysts predict that Magna International will post 7.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

Large investors have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its position in shares of Magna International by 10.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,130,562 shares of the company’s stock worth $134,577,000 after acquiring an additional 206,433 shares during the period. Amundi grew its holdings in shares of Magna International by 4.2% during the 2nd quarter. Amundi now owns 1,781,357 shares of the company’s stock worth $117,778,000 after purchasing an additional 71,927 shares in the last quarter. Hillsdale Investment Management Inc. increased its position in shares of Magna International by 14.8% during the first quarter. Hillsdale Investment Management Inc. now owns 832,575 shares of the company’s stock valued at $46,486,000 after purchasing an additional 107,150 shares during the period. Bank of New York Mellon Corp increased its position in shares of Magna International by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 487,633 shares of the company’s stock valued at $27,215,000 after purchasing an additional 13,439 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Magna International by 43.5% during the first quarter. Public Employees Retirement System of Ohio now owns 199,358 shares of the company’s stock valued at $11,095,000 after purchasing an additional 60,432 shares during the period. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

Magna International Inc is a Canadian global automotive supplier that designs, engineers and manufactures systems and components for automakers. Its product portfolio includes vehicle body and exterior systems, seating, powertrain and drivetrain components, electronics, lighting, mirrors, roof systems and advanced driver-assistance technologies.

The company also provides complete vehicle engineering and manufacturing services, supporting automakers from product development through assembly.