Wall Street Zen Upgrades Magna International (NYSE:MGA) to “Buy”

Magna International (NYSE:MGA) (TSE:MG) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently weighed in on MGA. Barclays increased their target price on Magna International from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Friday, October 9th. BMO Capital Markets downgraded Magna International from an “outperform” rating to a “market perform” rating and cut their price target for the company from $76.00 to $70.00 in a research note on Friday, September 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Magna International in a research report on Tuesday, October 27th. JPMorgan Chase & Co. cut shares of Magna International from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $77.00 to $72.00 in a research note on Tuesday, September 15th. Finally, Canadian Imperial Bank of Commerce downgraded shares of Magna International from an “outperformer” rating to a “hold” rating and dropped their price objective for the stock from $78.00 to $70.00 in a report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.33.

Magna International Price Performance

Shares of MGA opened at $61.73 on Friday. The firm has a market cap of $15.95 billion, a PE ratio of 19.78, a P/E/G ratio of 0.67 and a beta of 1.46. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. The firm has a fifty day simple moving average of $64.30 and a two-hundred day simple moving average of $63.08. Magna International has a 1-year low of $45.33 and a 1-year high of $73.22.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings results on Friday, October 30th. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.25. Magna International had a return on equity of 16.26% and a net margin of 1.99%. The firm had revenue of $9.86 billion for the quarter, compared to the consensus estimate of $10.01 billion. During the same period last year, the business posted $1.33 EPS. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, equities analysts anticipate that Magna International will post 7.07 EPS for the current year.

Institutional Investors Weigh In On Magna International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in shares of Magna International by 57.4% during the second quarter. Tidal Investments LLC now owns 55,783 shares of the company’s stock worth $3,663,000 after acquiring an additional 20,347 shares during the last quarter. QV Investors Inc. increased its holdings in Magna International by 33.3% in the 3rd quarter. QV Investors Inc. now owns 739,472 shares of the company’s stock valued at $47,220,000 after acquiring an additional 184,631 shares during the last quarter. Nykredit A S purchased a new stake in Magna International in the 2nd quarter worth $4,695,000. Plato Investment Management Ltd purchased a new stake in Magna International in the 2nd quarter worth $7,473,000. Finally, Triasima Portfolio Management inc. boosted its holdings in shares of Magna International by 51.9% during the 3rd quarter. Triasima Portfolio Management inc. now owns 194,740 shares of the company’s stock valued at $12,435,000 after purchasing an additional 66,500 shares during the last quarter. 67.49% of the stock is owned by hedge funds and other institutional investors.

Magna International Company Profile

Magna International is a Canadian mobility technology supplier that designs and manufactures components, systems and complete vehicles for automakers. Its products and services support a range of vehicle types, including those with electric and advanced driver-assistance technologies. The company’s operations include body and exterior systems, seating, powertrain and electronics, as well as vehicle engineering and contract manufacturing. Its portfolio also includes products such as mirrors, lighting systems and roof systems.