Evercore ISI Issues Positive Forecast for Magna International (NYSE:MGA) Stock Price

Key Points

• Evercore ISI has increased Magna International's price target from $37.00 to $40.00, indicating a potential downside of 3.51% from the previous close.
• The stock has received mixed ratings from analysts, with one providing a sell rating, twelve a hold rating, and four a buy rating, leading to a consensus rating of "Hold."
• Magna International reported an earnings per share of $1.44 for the quarter, exceeding estimates of $1.19, despite a year-over-year revenue decrease of 3.0% to $10.82 billion.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its target price increased by Evercore ISI from $37.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's price objective suggests a potential downside of 4.71% from the company's previous close.

MGA has been the topic of a number of other reports. Scotiabank raised their price objective on Magna International from $38.00 to $44.00 and gave the stock a "sector perform" rating in a report on Monday, July 14th. UBS Group increased their target price on Magna International from $37.00 to $45.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. BMO Capital Markets lowered their target price on Magna International from $47.00 to $41.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Veritas upgraded Magna International to a "hold" rating in a research note on Thursday, April 24th. Finally, Morgan Stanley lowered their target price on Magna International from $40.00 to $38.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Magna International has a consensus rating of "Hold" and an average target price of $42.36.

Magna International Price Performance

Shares of NYSE:MGA traded up $0.21 on Monday, hitting $41.98. The company had a trading volume of 226,132 shares, compared to its average volume of 1,818,503. The company has a current ratio of 1.16, a quick ratio of 0.74 and a debt-to-equity ratio of 0.39. Magna International has a 52-week low of $30.39 and a 52-week high of $47.22. The business has a 50 day moving average of $39.64 and a 200 day moving average of $37.37. The company has a market cap of $11.83 billion, a PE ratio of 9.85, a PEG ratio of 0.96 and a beta of 1.51.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its earnings results on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.25. Magna International had a return on equity of 11.89% and a net margin of 2.91%. The firm had revenue of $10.82 billion for the quarter, compared to the consensus estimate of $10.10 billion. During the same period in the prior year, the business posted $1.35 earnings per share. The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities analysts anticipate that Magna International will post 5.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGA. CIBC Private Wealth Group LLC boosted its position in Magna International by 290.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,501 shares of the company's stock valued at $141,000 after buying an additional 2,605 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Magna International by 32.2% in the 4th quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company's stock valued at $63,280,000 after purchasing an additional 371,437 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Magna International by 9.0% in the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company's stock valued at $2,010,000 after purchasing an additional 3,956 shares during the period. LRI Investments LLC lifted its stake in shares of Magna International by 2,126.5% in the 4th quarter. LRI Investments LLC now owns 757 shares of the company's stock valued at $32,000 after purchasing an additional 723 shares during the period. Finally, Systematic Financial Management LP lifted its stake in shares of Magna International by 19.9% in the 4th quarter. Systematic Financial Management LP now owns 48,845 shares of the company's stock valued at $2,041,000 after purchasing an additional 8,100 shares during the period. 67.49% of the stock is currently owned by institutional investors.

Magna International Company Profile

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.