Magna International (NYSE:MGA) Given New $47.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its price target for Magna International from $44.00 to $47.00, indicating a potential upside of 4.99% from the current price, while maintaining a "sector perform" rating.
• Recent reports from various analysts show a mix of opinions, with Wells Fargo lowering its target price to $45.00, while Wall Street Zen upgraded Magna to a "strong-buy" rating.
• Magna International reported better-than-expected earnings for the last quarter, with an EPS of $1.44, exceeding the consensus estimate of $1.19.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price target increased by Scotiabank from $44.00 to $47.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "sector perform" rating on the stock. Scotiabank's price objective points to a potential upside of 4.99% from the company's current price.

Other analysts have also recently issued reports about the company. Wells Fargo & Company cut their target price on Magna International from $46.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Friday, October 3rd. Citigroup raised Magna International to a "hold" rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magna International in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Magna International from a "buy" rating to a "strong-buy" rating in a research note on Sunday, October 12th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 target price on shares of Magna International in a research note on Friday, September 12th. Three investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Magna International has an average rating of "Hold" and an average price target of $45.50.

Magna International Trading Up 0.0%

Magna International stock traded up $0.02 during trading hours on Friday, reaching $44.77. The stock had a trading volume of 361,139 shares, compared to its average volume of 1,717,498. The stock has a market cap of $12.62 billion, a PE ratio of 10.50, a PEG ratio of 1.00 and a beta of 1.53. The company has a fifty day simple moving average of $45.79 and a 200-day simple moving average of $40.14. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. Magna International has a 52 week low of $30.39 and a 52 week high of $49.79.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its earnings results on Friday, August 1st. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.25. The company had revenue of $10.82 billion for the quarter, compared to analysts' expectations of $10.10 billion. Magna International had a return on equity of 11.89% and a net margin of 2.91%.Magna International's quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the firm earned $1.35 earnings per share. Magna International has set its FY 2025 guidance at EPS. Analysts forecast that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. ARGA Investment Management LP raised its holdings in shares of Magna International by 17.0% during the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock valued at $101,890,000 after purchasing an additional 436,366 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Magna International by 20.2% during the second quarter. Geode Capital Management LLC now owns 2,015,407 shares of the company's stock valued at $77,332,000 after purchasing an additional 338,470 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Magna International during the first quarter valued at approximately $8,416,000. Quantbot Technologies LP raised its holdings in shares of Magna International by 3,849.3% during the first quarter. Quantbot Technologies LP now owns 165,908 shares of the company's stock valued at $5,639,000 after purchasing an additional 161,707 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new position in shares of Magna International during the first quarter valued at approximately $5,478,000. 67.49% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.