Magna International (NYSE:MGA) Lowered to Buy Rating by Wall Street Zen

Key Points

• Magna International was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen in a report released on Saturday.
• Evercore ISI and Scotiabank both raised their price targets for Magna International, now set at $40.00 and $44.00, respectively.
• The company reported earnings of $1.44 per share, exceeding estimates, and had a revenue of $10.82 billion for the quarter, despite a 3.0% year-over-year decline.

Magna International (NYSE:MGA - Get Free Report) TSE: MG was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

A number of other equities analysts also recently commented on the company. Evercore ISI boosted their price objective on Magna International from $37.00 to $40.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. Cfra Research raised Magna International to a "hold" rating in a research report on Monday, August 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Magna International in a research report on Saturday, September 27th. Scotiabank boosted their price objective on Magna International from $38.00 to $44.00 and gave the stock a "sector perform" rating in a research report on Monday, July 14th. Finally, TD Securities boosted their price objective on Magna International from $50.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $44.00.

Magna International Stock Performance

NYSE MGA opened at $48.97 on Friday. The company has a market cap of $13.80 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.08 and a beta of 1.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.16 and a quick ratio of 0.82. The stock has a 50-day moving average of $45.11 and a two-hundred day moving average of $39.56. Magna International has a 1-year low of $30.39 and a 1-year high of $49.00.

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, beating 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 company had revenue of $10.82 billion during the quarter, compared to the consensus estimate of $10.10 billion. During the same period in the previous year, the company posted $1.35 EPS. Magna International's revenue was down 3.0% compared to the same quarter last year. Magna International has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Magna International will post 5.87 EPS for the current year.

Institutional Investors Weigh In On Magna International

Several large investors have recently modified their holdings of MGA. Versant Capital Management Inc purchased a new stake in shares of Magna International during the first quarter worth approximately $27,000. SG Americas Securities LLC grew its holdings in Magna International by 11.9% during the first quarter. SG Americas Securities LLC now owns 54,440 shares of the company's stock worth $1,850,000 after acquiring an additional 5,797 shares during the period. Janney Montgomery Scott LLC grew its holdings in Magna International by 19.9% during the first quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company's stock worth $8,560,000 after acquiring an additional 41,811 shares during the period. Lorne Steinberg Wealth Management Inc. grew its holdings in Magna International by 6.4% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 84,570 shares of the company's stock worth $2,877,000 after acquiring an additional 5,075 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Magna International by 5.5% during the first quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company's stock worth $8,582,000 after acquiring an additional 13,220 shares during the period. Hedge funds and other institutional investors own 67.49% of the company's stock.

About Magna International

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.

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