Magna International (NYSE:MGA) Price Target Cut to $38.00 by Analysts at Scotiabank

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its target price decreased by Scotiabank from $45.00 to $38.00 in a research note issued on Tuesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's target price suggests a potential upside of 9.06% from the company's previous close.

A number of other research firms have also commented on MGA. The Goldman Sachs Group lowered their price target on shares of Magna International from $38.00 to $31.00 and set a "sell" rating on the stock in a research report on Thursday, April 10th. UBS Group lowered their price target on shares of Magna International from $41.00 to $34.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Morgan Stanley cut their target price on shares of Magna International from $43.00 to $40.00 and set an "equal weight" rating on the stock in a report on Monday, March 3rd. CIBC cut their price objective on shares of Magna International from $44.00 to $36.50 and set a "neutral" rating on the stock in a research report on Wednesday, March 5th. Finally, Evercore ISI cut their target price on shares of Magna International from $50.00 to $45.00 and set an "in-line" rating for the company in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $43.74.

Magna International Stock Up 1.7 %

MGA traded up $0.57 during trading hours on Tuesday, hitting $34.84. 640,786 shares of the company's stock were exchanged, compared to its average volume of 1,915,753. The firm has a market cap of $9.82 billion, a P/E ratio of 9.93, a price-to-earnings-growth ratio of 0.63 and a beta of 1.56. Magna International has a 12-month low of $30.39 and a 12-month high of $48.75. The firm has a 50 day moving average of $35.00 and a 200 day moving average of $39.54. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last announced its earnings results on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.23. Magna International had a return on equity of 12.78% and a net margin of 2.36%. The company had revenue of $10.63 billion during the quarter, compared to the consensus estimate of $10.32 billion. During the same period last year, the firm earned $1.33 earnings per share. The company's revenue was up 1.7% on a year-over-year basis. Analysts predict that Magna International will post 5.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in Magna International by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 252,500 shares of the company's stock valued at $8,582,000 after acquiring an additional 13,220 shares during the period. Lorne Steinberg Wealth Management Inc. increased its position in Magna International by 6.4% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 84,570 shares of the company's stock valued at $2,877,000 after purchasing an additional 5,075 shares during the period. Janney Montgomery Scott LLC grew its stake in Magna International by 19.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 251,832 shares of the company's stock valued at $8,560,000 after purchasing an additional 41,811 shares during the last quarter. SG Americas Securities LLC lifted 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 valued at $1,850,000 after purchasing an additional 5,797 shares in the last quarter. Finally, Versant Capital Management Inc purchased a new stake in Magna International in the 1st quarter valued at about $27,000. 67.49% of the stock is currently owned by institutional investors.

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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