Magna International, Inc. (MGA) Price Target Raised to $55.00
Magna International, Inc. (NYSE:MGA) (TSE:MG) had its price objective hoisted by analysts at Citigroup Inc. from $54.00 to $55.00 in a report released on Thursday. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s price target would suggest a potential upside of 19.31% from the company’s current price.
Other equities analysts have also recently issued reports about the stock. Royal Bank Of Canada raised their price target on shares of Magna International from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday, August 14th. Cormark raised shares of Magna International from a “buy” rating to a “top pick” rating in a research note on Tuesday, July 11th. Morgan Stanley cut their price objective on Magna International from $60.00 to $56.00 and set an “overweight” rating for the company in a report on Friday, June 9th. Scotiabank increased their price objective on Magna International from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, May 12th. Finally, Zacks Investment Research raised Magna International from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $53.50.
Shares of Magna International (NYSE:MGA) opened at 46.10 on Thursday. The firm has a market capitalization of $17.05 billion, a PE ratio of 8.33 and a beta of 1.44. The company’s 50 day moving average is $47.29 and its 200 day moving average is $44.44. Magna International has a 12-month low of $36.77 and a 12-month high of $48.90.
Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, August 11th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.01. The company had revenue of $9.68 billion during the quarter, compared to analysts’ expectations of $9.50 billion. Magna International had a net margin of 5.73% and a return on equity of 20.01%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. On average, analysts forecast that Magna International will post $5.87 earnings per share for the current year.
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A number of large investors have recently made changes to their positions in the stock. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Magna International during the first quarter valued at about $173,000. SRS Capital Advisors Inc. increased its stake in shares of 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 in the last quarter. IFP Advisors Inc increased its stake in shares of 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 in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Magna International during the first quarter valued at about $157,000. Finally, Regent Investment Management LLC acquired a new stake in shares of Magna International during the second quarter valued at about $204,000. 60.44% of the stock is owned by institutional investors and hedge funds.
Magna International Company Profile
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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