Magna International (NYSE:MGA) Price Target Raised to $48.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Magna International from $47.00 to $48.00, indicating a potential upside of 15.40% from the stock's previous close.
• Magna International reported an EPS of $1.44 for the latest quarter, exceeding analyst expectations of $1.19 and showing a year-over-year revenue decline of 3.0%.
• The stock is currently rated as "Hold" on average, with four analysts

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $47.00 to $48.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 15.40% from the stock's previous close.

Several other research analysts also recently commented on the company. Scotiabank lifted their target price on Magna International from $38.00 to $44.00 and gave the stock a "sector perform" rating in a report on Monday, July 14th. TD Securities boosted their price objective on Magna International from $44.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, May 5th. CIBC boosted their price objective on Magna International from $33.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Wall Street Zen raised Magna International from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group dropped their price target on Magna International from $38.00 to $31.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Magna International currently has an average rating of "Hold" and an average target price of $41.86.

Magna International Stock Performance

Shares of NYSE MGA traded up $0.27 during trading hours on Monday, reaching $41.59. 399,693 shares of the stock were exchanged, compared to its average volume of 1,822,232. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 0.96 and a beta of 1.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.74 and a current ratio of 1.06. Magna International has a 52 week low of $30.39 and a 52 week high of $47.22. The stock's fifty day simple moving average is $39.42 and its 200 day simple moving average is $37.34.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last posted its quarterly earnings data on Friday, August 1st. The company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.25. Magna International had a return on equity of 12.04% and a net margin of 2.91%. The firm had revenue of $10.82 billion for the quarter, compared to analyst estimates of $10.10 billion. During the same quarter last year, the company earned $1.35 EPS. The company's revenue was down 3.0% on a year-over-year basis. Sell-side analysts predict that Magna International will post 5.87 EPS for the current year.

Hedge Funds Weigh In On Magna International

Institutional investors have recently modified their holdings of the stock. ARGA Investment Management LP boosted its stake 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of Magna International by 32.2% during the fourth 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Magna International during the first quarter valued at approximately $8,416,000. Quantbot Technologies LP boosted its stake 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 in the last quarter. Finally, ARK Investment Management LLC bought 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.

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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