Magna International (NYSE:MGA) Downgraded by Evercore to “In-Line”

Magna International (NYSE:MGA) (TSE:MG) was downgraded by analysts at Evercore from an “outperform” rating to an “in-line” rating in a research note issued to investors on Monday, BayStreet.CA reports. They presently have a $62.00 price objective on the stock, down from their previous price objective of $75.00. Evercore’s price target would indicate a potential upside of 27.15% from the company’s current price.

A number of other brokerages have also commented on MGA. The Goldman Sachs Group lowered shares of Magna International from a “buy” rating to a “neutral” rating and decreased their price target for the company from $73.00 to $58.00 in a research note on Wednesday, January 3rd. UBS Group upped their price target on shares of Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. StockNews.com upgraded shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, February 26th. JPMorgan Chase & Co. decreased their price target on shares of Magna International from $77.00 to $69.00 and set an “overweight” rating on the stock in a research note on Monday, February 12th. Finally, Barclays decreased their price target on shares of Magna International from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 11th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Magna International currently has an average rating of “Hold” and a consensus target price of $62.93.

Magna International Stock Down 1.8 %

Magna International stock opened at $48.76 on Monday. The firm has a market capitalization of $14.01 billion, a PE ratio of 11.55, a P/E/G ratio of 0.50 and a beta of 1.69. The company’s 50-day moving average is $53.78 and its 200-day moving average is $54.36. Magna International has a fifty-two week low of $46.71 and a fifty-two week high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, February 9th. The company reported $1.33 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 13.15% and a net margin of 2.83%. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Sell-side analysts anticipate that Magna International will post 6.11 earnings per share for the current year.

Hedge Funds Weigh In On Magna International

Institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC acquired a new position in Magna International in the third quarter valued at approximately $26,000. Sunbelt Securities Inc. increased its holdings in shares of Magna International by 2,179.2% during the first quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after acquiring an additional 523 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magna International by 332.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after acquiring an additional 526 shares in the last quarter. Resources Management Corp CT ADV increased its holdings in shares of Magna International by 323.5% during the second quarter. Resources Management Corp CT ADV now owns 847 shares of the company’s stock valued at $48,000 after acquiring an additional 647 shares in the last quarter. Finally, S.A. Mason LLC increased its holdings in shares of Magna International by 24.4% during the fourth quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock valued at $69,000 after acquiring an additional 229 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

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.