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

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 price target lifted by research analysts at TD Securities from $50.00 to $52.00 in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm currently has a "buy" rating on the stock. TD Securities' price objective points to a potential upside of 22.30% from the company's previous close.

MGA has been the subject of a number of other reports. Scotiabank increased their price objective on shares of Magna International from $38.00 to $44.00 and gave the company a "sector perform" rating in a report on Monday, July 14th. Veritas raised shares of Magna International to a "hold" rating in a report on Thursday, April 24th. Royal Bank Of Canada increased their price objective on shares of Magna International from $31.00 to $38.00 and gave the company a "sector perform" rating in a report on Wednesday, July 9th. UBS Group raised their target price on shares of Magna International from $37.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Barclays raised their target price on shares of Magna International from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Magna International currently has an average rating of "Hold" and an average price target of $42.36.

Magna International Stock Performance

Magna International stock traded down $0.03 during midday trading on Tuesday, hitting $42.52. The stock had a trading volume of 930,238 shares, compared to its average volume of 1,454,986. The firm's fifty day moving average is $40.01 and its two-hundred day moving average is $37.41. The company has a market capitalization of $11.98 billion, a PE ratio of 9.98, a P/E/G ratio of 0.97 and a beta of 1.51. 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 1.16, a quick ratio of 0.74 and a debt-to-equity ratio of 0.39.

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 (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.25. The company had revenue of $10.82 billion during the quarter, compared to analyst estimates of $10.10 billion. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.35 EPS. On average, research analysts forecast that Magna International will post 5.87 EPS for the current year.

Hedge Funds Weigh In On Magna International

A number of large investors have recently added to or reduced their stakes in MGA. ARGA Investment Management LP raised its holdings in Magna International by 17.0% in the first quarter. ARGA Investment Management LP now owns 2,997,857 shares of the company's stock worth $101,890,000 after purchasing an additional 436,366 shares in the last quarter. Geode Capital Management LLC grew 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 worth $63,280,000 after acquiring an additional 371,437 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Magna International during the first quarter worth about $8,416,000. Quantbot Technologies LP grew 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 worth $5,639,000 after acquiring an additional 161,707 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new stake in shares of Magna International during the first quarter worth about $5,478,000. 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.