Magna International (NYSE:MGA) Upgraded to Buy at StockNews.com

Magna International (NYSE:MGA) (TSE:MG) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Wednesday.

MGA has been the topic of several other research reports. Royal Bank of Canada dropped their target price on shares of Magna International from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Monday, February 12th. Barclays decreased their price objective on shares of Magna International from $63.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Wells Fargo & Company decreased their price objective on shares of Magna International from $60.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, February 12th. Citigroup decreased their price objective on shares of Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a report on Monday, February 12th. Finally, The Goldman Sachs Group cut shares of Magna International from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $73.00 to $58.00 in a report on Wednesday, January 3rd. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Magna International presently has an average rating of “Hold” and an average target price of $62.50.

Magna International Price Performance

MGA stock opened at $49.76 on Wednesday. The firm’s 50-day moving average price is $53.09 and its two-hundred day moving average price is $54.25. Magna International has a 12-month low of $46.71 and a 12-month high of $65.27. The stock has a market capitalization of $14.30 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.49 and a beta of 1.69. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 0.34.

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). Magna International had a net margin of 2.83% and a return on equity of 13.15%. The firm had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.44 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. Magna International’s revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts predict that Magna International will post 6.11 earnings per share for the current year.

Institutional Trading of Magna International

A number of institutional investors and hedge funds have recently bought and sold shares of MGA. SG Americas Securities LLC increased its holdings in Magna International by 15.3% in the 3rd quarter. SG Americas Securities LLC now owns 33,392 shares of the company’s stock valued at $1,885,000 after acquiring an additional 4,428 shares during the last quarter. Manning & Napier Group LLC grew its stake in shares of Magna International by 1.6% in the 3rd quarter. Manning & Napier Group LLC now owns 42,789 shares of the company’s stock worth $2,294,000 after buying an additional 654 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Magna International by 18.5% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock worth $50,921,000 after buying an additional 147,950 shares in the last quarter. Strengthening Families & Communities LLC grew its stake in shares of Magna International by 9.2% in the 3rd quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock worth $1,909,000 after buying an additional 2,997 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. grew its stake in shares of Magna International by 2.2% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock worth $3,699,000 after buying an additional 1,449 shares in the last quarter. 67.49% of the stock is currently owned by institutional investors.

Magna International Company Profile

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.