Magna International (NYSE:MGA) Upgraded to "Hold" at Cfra Research

Key Points

• Magna International (NYSE:MGA) was upgraded to a "hold" rating by Cfra Research, with a consensus target price of $42.36.
• Scotiabank and Barclays recently adjusted their price targets, increasing them to $44.00 and $45.00, respectively, indicating a generally positive outlook among analysts.
• The company reported earnings of $1.44 per share for the latest quarter, surpassing analysts' expectations, but saw a 3% decline in revenue compared to the previous year.

Magna International (NYSE:MGA - Get Free Report) TSE: MG was upgraded by investment analysts at Cfra Research to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Scotiabank lifted their price objective on shares of Magna International from $38.00 to $44.00 and gave the company a "sector perform" rating in a research note on Monday, July 14th. Barclays raised their price target 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. BMO Capital Markets cut their price target on shares of Magna International from $47.00 to $41.00 and set an "outperform" rating for the company in a report on Monday, May 5th. TD Securities raised their price target on shares of Magna International from $50.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Morgan Stanley cut their price target on shares of Magna International from $40.00 to $38.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $42.36.

Magna International Stock Up 0.5%

Magna International stock opened at $41.98 on Monday. Magna International has a 1-year low of $30.39 and a 1-year high of $47.22. The firm has a market capitalization of $11.83 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 0.97 and a beta of 1.51. The company has a current ratio of 1.16, a quick ratio of 0.74 and a debt-to-equity ratio of 0.39. The firm has a 50 day simple moving average of $39.76 and a 200 day simple moving average of $37.40.

Magna International (NYSE:MGA - Get Free Report) TSE: MG last released its quarterly earnings data 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. Magna International had a net margin of 2.91% and a return on equity of 11.89%. The business had revenue of $10.82 billion during the quarter, compared to analyst estimates of $10.10 billion. During the same period in the previous year, the business earned $1.35 EPS. Magna International's revenue was down 3.0% compared to the same quarter last year. On average, analysts predict that Magna International will post 5.87 earnings per share for the current year.

Institutional Trading of Magna International

Several hedge funds have recently added to or reduced their stakes in the business. 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 worth $120,366,000 after purchasing 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 worth $63,280,000 after purchasing 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 worth $25,129,000 after purchasing 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 worth $19,305,000 after purchasing 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 worth $9,828,000 after purchasing an additional 2,057 shares during the last quarter. 67.49% of the stock is 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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