Magna International (TSE:MG) Rating Lowered to "Hold" at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce downgraded Magna International from “strong buy” to “hold,” following a similar move by BMO Capital Markets. Despite the downgrades, analysts’ consensus rating remains “Buy.”
• Magna shares opened at C$89.51, compared with a 52-week range of C$62.46 to C$101.10, while the company reported C$2.64 in quarterly EPS and C$15.60 billion in revenue.
• Insider Bruce Cluney sold 5,000 shares for approximately C$476,100, reducing his holdings by 11.05%; insiders collectively own 6.18% of the company.

Magna International (TSE:MG - Get Free Report) NYSE: MGA was downgraded by analysts at Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Separately, BMO Capital Markets lowered Magna International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Magna International currently has an average rating of "Buy".

Magna International Stock Performance

TSE MG opened at C$89.51 on Wednesday. Magna International has a 1-year low of C$62.46 and a 1-year high of C$101.10. The company has a 50 day moving average of C$92.32 and a 200-day moving average of C$90.45. The company has a current ratio of 1.22, a quick ratio of 0.83 and a debt-to-equity ratio of 55.07. The firm has a market cap of C$23.95 billion, a price-to-earnings ratio of 32.91, a PEG ratio of 0.45 and a beta of 2.02.

Magna International (TSE:MG - Get Free Report) NYSE: MGA last announced its earnings results on Friday, July 31st. The company reported C$2.64 EPS for the quarter. Magna International had a return on equity of 6.15% and a net margin of 1.77%. The business had revenue of C$15.60 billion for the quarter. On average, equities analysts forecast that Magna International will post 8.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Magna International news, insider Bruce Cluney sold 5,000 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of C$95.22, for a total transaction of C$476,100.00. Following the completion of the sale, the insider directly owned 40,239 shares of the company's stock, valued at approximately C$3,831,557.58. The trade was a 11.05% decrease in their position. 6.18% of the stock is currently owned by insiders.

Magna International Company Profile

Magna is one of the world's largest automotive suppliers and a trusted partner to automakers in the industry's most critical markets-North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety and quality.

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