ValuEngine upgraded shares of Magna International (NYSE:MGA) (TSE:MG) from a sell rating to a hold rating in a report published on Thursday.

Other equities analysts have also issued research reports about the company. TD Securities raised Magna International from a hold rating to a buy rating and upped their price objective for the stock from $58.00 to $60.00 in a research note on Thursday. Citigroup dropped their price objective on Magna International from $69.00 to $62.00 and set a buy rating for the company in a research note on Friday, October 12th. Barclays started coverage on Magna International in a research note on Wednesday, October 10th. They issued an equal weight rating for the company. Zacks Investment Research raised Magna International from a sell rating to a hold rating in a research note on Tuesday, September 25th. Finally, Royal Bank of Canada upped their price objective on Magna International from $70.00 to $72.00 and gave the stock an outperform rating in a research note on Friday, November 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $65.73.

Shares of NYSE MGA traded up $0.19 during mid-day trading on Thursday, reaching $50.24. The company’s stock had a trading volume of 1,438,078 shares, compared to its average volume of 1,092,485. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of 8.50, a price-to-earnings-growth ratio of 0.81 and a beta of 1.29. The company has a quick ratio of 0.86, a current ratio of 1.19 and a debt-to-equity ratio of 0.27. Magna International has a 52 week low of $42.88 and a 52 week high of $67.47.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Thursday, November 8th. The company reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.07. The firm had revenue of $9.62 billion during the quarter, compared to analyst estimates of $9.62 billion. Magna International had a return on equity of 19.98% and a net margin of 5.83%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.36 earnings per share. Research analysts expect that Magna International will post 6.72 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new position in Magna International during the third quarter valued at approximately $3,610,000. Neuberger Berman Group LLC raised its position in Magna International by 84.4% during the third quarter. Neuberger Berman Group LLC now owns 497,467 shares of the company’s stock valued at $26,132,000 after purchasing an additional 227,635 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. raised its position in Magna International by 12.8% during the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 637,956 shares of the company’s stock valued at $33,487,000 after purchasing an additional 72,581 shares during the period. PCJ Investment Counsel Ltd. raised its position in Magna International by 1.7% during the third quarter. PCJ Investment Counsel Ltd. now owns 277,684 shares of the company’s stock valued at $14,576,000 after purchasing an additional 4,734 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Magna International by 37.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,345,605 shares of the company’s stock valued at $70,632,000 after purchasing an additional 364,600 shares during the period. 59.03% of the stock is owned by institutional investors.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.

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Analyst Recommendations for Magna International (NYSE:MGA)

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