JPMorgan Chase & Co. Increases Magna International (NYSE:MGA) Price Target to $71.00

Magna International (NYSE:MGA) (TSE:MG) had its price target hoisted by analysts at JPMorgan Chase & Co. from $69.00 to $71.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 42.68% from the company’s previous close.

A number of other research firms have also recently issued reports on MGA. The Goldman Sachs Group cut Magna International from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $73.00 to $58.00 in a research report on Wednesday, January 3rd. Barclays reduced their price objective on Magna International from $63.00 to $62.00 and set an “equal weight” rating for the company in a research report on Thursday, April 11th. TD Securities reduced their price target on Magna International from $73.00 to $69.00 and set a “buy” rating for the company in a research report on Monday, February 12th. StockNews.com downgraded Magna International from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Finally, Royal Bank of Canada decreased their price target on Magna International from $61.00 to $60.00 and set a “sector perform” rating for the company in a research note on Monday, February 12th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magna International has an average rating of “Hold” and an average target price of $62.50.

Magna International Stock Performance

Shares of Magna International stock opened at $49.76 on Monday. The stock has a market cap of $14.30 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.49 and a beta of 1.69. Magna International has a 12 month low of $46.71 and a 12 month high of $65.27. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The business has a fifty day simple moving average of $53.09 and a 200-day simple moving average of $54.25.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.13). The firm had revenue of $10.45 billion for the quarter, compared to analyst estimates of $10.44 billion. Magna International had a net margin of 2.83% and a return on equity of 13.15%. Magna International’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. On average, sell-side analysts anticipate that Magna International will post 6.11 EPS 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. Natixis Advisors L.P. raised its holdings in Magna International by 243.3% in the 3rd quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock valued at $2,724,000 after acquiring an additional 36,005 shares in the last quarter. Toronto Dominion Bank raised its holdings in Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock valued at $105,430,000 after acquiring an additional 157,808 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after acquiring an additional 2,727 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new position in Magna International in the 4th quarter valued at approximately $237,000. Finally, Pzena Investment Management LLC raised its holdings in Magna International by 58.2% in the 3rd quarter. Pzena Investment Management LLC now owns 9,811,009 shares of the company’s stock valued at $525,968,000 after acquiring an additional 3,609,429 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.