Magna International (MGA) Stock Rating Upgraded by ValuEngine

ValuEngine upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sell rating to a hold rating in a report released on Friday morning, ValuEngine reports.

MGA has been the subject of a number of other reports. BMO Capital Markets lowered shares of Magna International from an outperform rating to a market perform rating and lowered their price target for the company from $64.00 to $55.00 in a report on Thursday, March 21st. TD Securities lowered their price target on shares of Magna International from $60.00 to $59.00 and set a buy rating for the company in a report on Wednesday, January 16th. Seaport Global Securities assumed coverage on shares of Magna International in a report on Tuesday, April 16th. They set a buy rating for the company. Wells Fargo & Co reiterated a buy rating and set a $63.00 price target (up from $62.00) on shares of Magna International in a report on Friday, February 22nd. Finally, Zacks Investment Research upgraded shares of Magna International from a hold rating to a buy rating and set a $56.00 price target for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $64.09.

NYSE:MGA opened at $56.16 on Friday. Magna International has a 52 week low of $42.88 and a 52 week high of $67.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.15 and a quick ratio of 0.82. The firm has a market cap of $18.44 billion, a P/E ratio of 8.37, a PEG ratio of 1.35 and a beta of 1.40.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, February 22nd. The company reported $1.63 EPS for the quarter, beating the Zacks’ consensus estimate of $1.60 by $0.03. Magna International had a net margin of 5.62% and a return on equity of 20.00%. The company had revenue of $10.14 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period in the prior year, the business posted $1.57 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities research analysts expect that Magna International will post 6.98 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of MGA. Neuberger Berman Group LLC raised its holdings in Magna International by 84.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 497,467 shares of the company’s stock worth $26,132,000 after purchasing an additional 227,635 shares in the last quarter. Nordea Investment Management AB bought a new position in Magna International in the 3rd quarter worth $3,610,000. Cardinal Capital Management Inc. raised its holdings in Magna International by 5.3% in the 4th quarter. Cardinal Capital Management Inc. now owns 639,126 shares of the company’s stock worth $29,020,000 after purchasing an additional 32,185 shares in the last quarter. DNB Asset Management AS raised its holdings in Magna International by 5.6% in the 4th quarter. DNB Asset Management AS now owns 178,589 shares of the company’s stock worth $8,117,000 after purchasing an additional 9,500 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Magna International by 279.7% in the 4th quarter. Quadrant Capital Group LLC now owns 3,155 shares of the company’s stock worth $136,000 after purchasing an additional 2,324 shares in the last quarter. Institutional investors and hedge funds own 60.04% of the company’s stock.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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Analyst Recommendations for Magna International (NYSE:MGA)

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