Magna International, Inc. (NYSE:MGA) Upgraded to Top Pick by Cormark
Magna International, Inc. (NYSE:MGA) (TSE:MG) was upgraded by investment analysts at Cormark from a “buy” rating to a “top pick” rating in a research report issued on Tuesday, July 11th.
A number of other equities analysts also recently commented on the company. ValuEngine downgraded Magna International from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. TD Securities raised Magna International from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $55.00 in a research report on Friday, May 12th. BidaskClub raised Magna International from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research downgraded Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, May 18th. Finally, Scotiabank boosted their price objective on Magna International from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Friday, May 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Magna International presently has an average rating of “Buy” and a consensus price target of $51.00.
Shares of Magna International (MGA) traded up 0.67% on Tuesday, reaching $48.00. 1,203,210 shares of the company’s stock traded hands. The company has a market cap of $18.25 billion, a PE ratio of 8.78 and a beta of 1.44. Magna International has a 12-month low of $36.77 and a 12-month high of $48.90. The stock has a 50-day moving average price of $46.54 and a 200-day moving average price of $44.09.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Thursday, May 11th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.19. The company had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.13 billion. Magna International had a net margin of 5.76% and a return on equity of 20.58%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.22 earnings per share. Equities research analysts anticipate that Magna International will post $5.76 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGA. SRS Capital Advisors Inc. boosted its position in Magna International by 16.4% in the first quarter. SRS Capital Advisors Inc. now owns 3,239 shares of the company’s stock valued at $139,000 after buying an additional 456 shares during the last quarter. IFP Advisors Inc boosted its position in Magna International by 3.8% in the first quarter. IFP Advisors Inc now owns 3,357 shares of the company’s stock valued at $145,000 after buying an additional 124 shares during the last quarter. Advisory Services Network LLC acquired a new position in Magna International during the first quarter valued at about $157,000. Mckinley Capital Management LLC Delaware acquired a new position in Magna International during the first quarter valued at about $173,000. Finally, Regent Investment Management LLC acquired a new position in Magna International during the second quarter valued at about $204,000. Hedge funds and other institutional investors own 60.49% of the company’s stock.
About Magna International
Magna International Inc (Magna) is a global automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.
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