Scotiabank Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGA) (TSE:MG) had its target price boosted by analysts at Scotiabank from $74.00 to $78.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 14.79% from the stock’s previous close.

A number of other brokerages have also issued reports on MGA. Canadian Imperial Bank of Commerce dropped their target price on shares of Magna International to $74.00 in a research report on Monday, May 4th. Citigroup increased their price target on shares of Magna International from $58.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, June 4th. UBS Group boosted their price objective on shares of Magna International from $62.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. The Goldman Sachs Group cut their price objective on shares of Magna International from $60.00 to $52.00 and set a “sell” rating for the company in a research report on Tuesday, April 14th. Finally, Zacks Research downgraded Magna International from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $67.33.

Magna International Stock Performance

NYSE:MGA traded down $0.65 during mid-day trading on Monday, hitting $67.95. 631,602 shares of the company’s stock traded hands, compared to its average volume of 1,639,131. The firm has a market capitalization of $18.17 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 0.93 and a beta of 1.44. The firm has a 50 day moving average of $65.83 and a two-hundred day moving average of $61.06. The company has a current ratio of 1.22, a quick ratio of 0.88 and a debt-to-equity ratio of 0.38. Magna International has a 12 month low of $40.87 and a 12 month high of $70.36.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, July 31st. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.53 by $0.33. Magna International had a return on equity of 14.87% and a net margin of 1.80%.The company had revenue of $10.84 billion for the quarter, compared to the consensus estimate of $10.63 billion. During the same period in the previous year, the business posted $1.44 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Magna International has set its FY 2026 guidance at 6.700-7.300 EPS. On average, equities analysts forecast that Magna International will post 6.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

Institutional investors and hedge funds have recently bought and sold shares of the business. Hudson Value Partners LLC bought a new position in shares of Magna International in the second quarter valued at about $609,000. EverSource Wealth Advisors LLC raised its stake in shares of Magna International by 115.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,675 shares of the company’s stock worth $93,000 after acquiring an additional 896 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Magna International by 43.5% during the first quarter. Public Employees Retirement System of Ohio now owns 199,358 shares of the company’s stock worth $11,095,000 after purchasing an additional 60,432 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new stake in shares of Magna International during the first quarter valued at approximately $45,000. Finally, Parallel Advisors LLC raised its position in Magna International by 9.1% in the 1st quarter. Parallel Advisors LLC now owns 3,299 shares of the company’s stock worth $184,000 after purchasing an additional 275 shares during the last quarter. Institutional investors and hedge funds 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.