Magna International (NYSE:MGA) Reaches New 1-Year High – Should You Buy?

Shares of Magna International Inc. (NYSE:MGA) (TSE:MG) hit a new 52-week high during trading on Wednesday . The company traded as high as $57.89 and last traded at $57.6160, with a volume of 471839 shares traded. The stock had previously closed at $56.22.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MGA shares. Royal Bank Of Canada upped their price objective on Magna International from $47.00 to $48.00 and gave the company a “sector perform” rating in a report on Monday, November 3rd. Scotiabank raised their price objective on Magna International from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 27th. Morgan Stanley increased their price objective on shares of Magna International from $38.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, December 8th. TD Securities raised their price target on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Evercore boosted their price objective on Magna International from $47.00 to $52.00 and gave the company an “in-line” rating in a report on Monday, November 24th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $52.80.

Magna International Trading Up 2.2%

The company’s fifty day moving average is $53.48 and its two-hundred day moving average is $48.70. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.02 billion, a price-to-earnings ratio of 15.70 and a beta of 1.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGA. Community Bank N.A. purchased a new position in Magna International in the third quarter valued at approximately $29,000. LRI Investments LLC purchased a new position in shares of Magna International in the 2nd quarter valued at $27,000. EverSource Wealth Advisors LLC lifted its position in Magna International by 35.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 779 shares of the company’s stock valued at $42,000 after acquiring an additional 205 shares during the last quarter. Danske Bank A S acquired a new position in Magna International in the third quarter valued at $112,000. Finally, Farther Finance Advisors LLC boosted its stake in Magna International by 98.4% in the third quarter. Farther Finance Advisors LLC now owns 2,839 shares of the company’s stock valued at $134,000 after acquiring an additional 1,408 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

About Magna International

Magna International Inc is a leading global automotive supplier specializing in the design, engineering, and manufacturing of vehicle systems, assemblies, modules, and components. Headquartered in Aurora, Ontario, the company partners with major original equipment manufacturers (OEMs) to develop technologies and solutions that enhance vehicle performance, safety, comfort, and fuel efficiency. Magna’s broad portfolio encompasses body exteriors and structures, powertrain systems, seating and interiors, roof systems, mirror systems, and advanced driver assistance systems (ADAS).

The company operates more than 350 manufacturing and assembly facilities and over 100 innovation centers across 27 countries, serving customers in North America, Europe, Asia, South America, and Africa.