Magna International (NYSE:MGA) Price Target Raised to $52.00 at TD Securities

Key Points

• TD Securities raised Magna International's price target from $50.00 to $52.00, indicating a potential upside of 25.03% from its previous close while maintaining a "buy" rating on the stock.
• Magna reported earnings of $1.44 per share for the last quarter, exceeding analysts' expectations of $1.19, with revenue reaching $10.82 billion.
• Institutional investors hold 67.49% of Magna International's stock, reflecting significant support from major financial firms.

Magna International (NYSE:MGA - Get Free Report) TSE: MG had its target price hoisted by analysts at TD Securities from $50.00 to $52.00 in a report released on Tuesday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. TD Securities' price target indicates a potential upside of 25.03% from the company's previous close.

Several other analysts have also recently weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Magna International from $37.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Morgan Stanley reduced their target price on shares of Magna International from $40.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Veritas upgraded shares of Magna International to a "hold" rating in a research report on Thursday, April 24th. The Goldman Sachs Group cut their price objective on shares of Magna International from $38.00 to $31.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. Finally, Bank of America increased their price objective on shares of Magna International from $42.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.36.

Magna International Price Performance

NYSE MGA traded up $0.17 on Tuesday, reaching $41.59. The company's stock had a trading volume of 928,121 shares, compared to its average volume of 1,824,203. The firm has a market cap of $11.72 billion, a PE ratio of 9.76, a price-to-earnings-growth ratio of 0.96 and a beta of 1.51. The business has a 50-day moving average price of $39.54 and a 200 day moving average price of $37.34. Magna International has a 52 week low of $30.39 and a 52 week high of $47.22. 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 (NYSE:MGA - Get Free Report) TSE: MG last posted its earnings results on Friday, August 1st. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.25. The business had revenue of $10.82 billion for the quarter, compared to analysts' expectations of $10.10 billion. Magna International had a net margin of 2.91% and a return on equity of 12.04%. The firm's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.35 earnings per share. Sell-side analysts expect that Magna International will post 5.87 EPS for the current year.

Institutional Investors Weigh In On Magna International

Several large investors have recently made changes to their positions in MGA. ARGA Investment Management LP lifted its stake in Magna International by 3.9% in the second quarter. ARGA Investment Management LP now owns 3,114,386 shares of the company's stock valued at $120,366,000 after acquiring an additional 116,529 shares during the last quarter. Geode Capital Management LLC lifted its stake in Magna International by 32.2% in the fourth quarter. Geode Capital Management LLC now owns 1,523,196 shares of the company's stock valued at $63,280,000 after acquiring an additional 371,437 shares during the last quarter. QV Investors Inc. lifted its stake in Magna International by 0.6% in the second quarter. QV Investors Inc. now owns 651,377 shares of the company's stock valued at $25,129,000 after acquiring an additional 3,912 shares during the last quarter. Amundi lifted its stake in Magna International by 19.0% in the first quarter. Amundi now owns 582,710 shares of the company's stock valued at $19,305,000 after acquiring an additional 93,189 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Magna International by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 254,557 shares of the company's stock valued at $9,828,000 after acquiring an additional 2,057 shares during the last quarter. 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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