Magna International, Inc. (MGA) Rating Lowered to Sell at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) cut shares of Magna International, Inc. (NYSE:MGA) (TSE:MG) from a neutral rating to a sell rating in a research note published on Monday morning, Marketbeat.com reports. Goldman Sachs Group, Inc. (The) currently has $41.00 price target on the stock, down from their previous price target of $45.00.
Other equities analysts also recently issued research reports about the company. Citigroup Inc. increased their price objective on Magna International from $54.00 to $55.00 and gave the stock a buy rating in a report on Thursday, August 17th. Zacks Investment Research upgraded 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, August 16th. TD Securities increased their price objective on Magna International from $55.00 to $56.00 and gave the stock a buy rating in a report on Monday, August 14th. Deutsche Bank AG reiterated a buy rating and issued a $61.00 price objective (up previously from $59.00) on shares of Magna International in a report on Monday, August 14th. Finally, BidaskClub upgraded Magna International from a hold rating to a buy rating in a report on Saturday, July 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Magna International has a consensus rating of Buy and an average price target of $56.00.
Shares of Magna International (NYSE MGA) opened at 54.71 on Monday. The firm has a market cap of $20.24 billion, a P/E ratio of 9.88 and a beta of 1.46. Magna International has a 12 month low of $36.77 and a 12 month high of $55.75. The stock’s 50 day moving average is $52.25 and its 200 day moving average is $46.79.
Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, August 11th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.01. The company had revenue of $9.68 billion during the quarter, compared to the consensus estimate of $9.50 billion. Magna International had a return on equity of 20.01% and a net margin of 5.73%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. Equities research analysts expect that Magna International will post $5.90 EPS for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its stake in shares of Magna International by 19.5% in the second quarter. IFP Advisors Inc now owns 4,011 shares of the company’s stock worth $186,000 after acquiring an additional 654 shares during the last quarter. Advisory Services Network LLC grew its stake in shares of Magna International by 17.2% in the second quarter. Advisory Services Network LLC now owns 4,257 shares of the company’s stock worth $197,000 after acquiring an additional 625 shares during the last quarter. Regent Investment Management LLC purchased a new stake in shares of Magna International in the second quarter worth $204,000. Smithbridge Asset Management Inc. DE purchased a new stake in shares of Magna International in the second quarter worth $219,000. Finally, Laurel Wealth Advisors Inc. purchased a new stake in shares of Magna International in the first quarter worth $220,000. 59.41% of the stock is currently owned by hedge funds and other institutional investors.
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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