Bank of America Raises Magna International (NYSE:MGA) Price Target to $45.00

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price objective raised by stock analysts at Bank of America from $42.00 to $45.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's target price points to a potential upside of 19.61% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Magna International from $32.00 to $37.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Barclays reduced their price target on Magna International from $47.00 to $37.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. UBS Group dropped their price objective on Magna International from $41.00 to $34.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Evercore ISI cut their price objective on Magna International from $50.00 to $45.00 and set an "in-line" rating on the stock in a research report on Tuesday, February 18th. Finally, Veritas upgraded Magna International to a "hold" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Magna International currently has an average rating of "Hold" and an average target price of $41.38.

Magna International Price Performance

Shares of MGA traded up $0.36 during midday trading on Monday, reaching $37.62. The stock had a trading volume of 1,618,269 shares, compared to its average volume of 1,736,523. The company has a market capitalization of $10.60 billion, a price-to-earnings ratio of 9.41, a price-to-earnings-growth ratio of 0.65 and a beta of 1.50. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of 0.32. Magna International has a 12-month low of $30.39 and a 12-month high of $47.22. The company's 50-day moving average is $35.23 and its 200 day moving average is $37.82.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its quarterly earnings results on Friday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.12). Magna International had a return on equity of 11.96% and a net margin of 2.73%. The business had revenue of $9.68 billion during the quarter, compared to the consensus estimate of $9.66 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The business's revenue for the quarter was down 8.2% on a year-over-year basis. On average, equities analysts predict that Magna International will post 5.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in shares of Magna International by 6.4% during the fourth quarter. Bank of New York Mellon Corp now owns 239,280 shares of the company's stock valued at $10,000,000 after purchasing an additional 14,441 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Magna International by 35.5% in the 4th quarter. Jones Financial Companies Lllp now owns 112,932 shares of the company's stock worth $4,719,000 after buying an additional 29,567 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Magna International in the fourth quarter worth $213,000. Lindbrook Capital LLC boosted its position in Magna International by 43.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company's stock worth $43,000 after purchasing an additional 312 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its stake in shares of Magna International by 3.6% in the 4th quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company's stock worth $328,000 after purchasing an additional 276 shares during the period. Hedge funds and other institutional investors own 67.49% of the company's stock.

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.