Magna International (NYSE:MGA) Given New $56.00 Price Target at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price target upped by investment analysts at CIBC from $50.00 to $56.00 in a research note issued on Monday,BayStreet.CA reports. The firm currently has a “neutral” rating on the stock. CIBC’s target price would indicate a potential upside of 1.35% from the company’s previous close.

A number of other analysts have also weighed in on MGA. Morgan Stanley raised their price objective on shares of Magna International from $38.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, December 8th. BMO Capital Markets raised their price target on shares of Magna International from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. 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 research report on Monday, November 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Magna International in a report on Wednesday, October 8th. Finally, TD Securities boosted their price target on Magna International from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Magna International currently has an average rating of “Hold” and an average price target of $50.73.

Magna International Stock Up 1.1%

MGA stock traded up $0.59 on Monday, reaching $55.25. 685,521 shares of the company traded hands, compared to its average volume of 768,321. The firm has a fifty day simple moving average of $50.21 and a 200-day simple moving average of $46.12. The company has a market cap of $15.53 billion, a P/E ratio of 15.11 and a beta of 1.50. Magna International has a one year low of $30.39 and a one year high of $55.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.18 and a quick ratio of 0.83.

Magna International (NYSE:MGA) (TSE:MG) last released its earnings results on Friday, October 31st. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.09. Magna International had a return on equity of 11.88% and a net margin of 2.50%.The firm had revenue of $10.50 billion for the quarter, compared to analysts’ expectations of $10.03 billion. During the same period in the prior year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was up 1.8% on a year-over-year basis. Research analysts anticipate that Magna International will post 5.87 earnings per share for the current year.

Institutional Trading of Magna International

A number of hedge funds have recently bought and sold shares of the company. ARGA Investment Management LP boosted its position in Magna International by 33.2% in the third quarter. ARGA Investment Management LP now owns 4,148,133 shares of the company’s stock worth $196,557,000 after purchasing an additional 1,033,747 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Magna International in the 3rd quarter worth approximately $33,593,000. Geode Capital Management LLC boosted its holdings in shares of Magna International by 20.2% in the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company’s stock worth $77,332,000 after buying an additional 338,470 shares during the last quarter. AGF Management Ltd. bought a new stake in Magna International during the third quarter valued at approximately $14,191,000. Finally, Achmea Investment Management B.V. purchased a new stake in Magna International during the third quarter valued at approximately $8,606,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.

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.