Magna International (NYSE:MGA) Earns Buy Rating from Analysts at Benchmark

Equities researchers at Benchmark began coverage on shares of Magna International (NYSE:MGA) (TSE:MG) in a note issued to investors on Thursday, January 9th, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $68.00 price target on the stock. Benchmark’s price objective would suggest a potential upside of 27.82% from the stock’s current price.

MGA has been the subject of several other research reports. ValuEngine cut shares of Magna International from a “hold” rating to a “sell” rating in a research report on Saturday, January 4th. Morgan Stanley upped their target price on shares of Magna International from $40.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada assumed coverage on shares of Magna International in a research report on Tuesday, December 17th. They set an “outperform” rating and a $76.00 target price for the company. Zacks Investment Research cut shares of Magna International from a “hold” rating to a “sell” rating and set a $57.00 target price for the company. in a research report on Friday, November 22nd. Finally, Barclays lowered their price objective on shares of Magna International from $51.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $58.42.

NYSE MGA opened at $53.20 on Thursday. The company has a market capitalization of $16.34 billion, a price-to-earnings ratio of 7.93, a PEG ratio of 1.39 and a beta of 1.54. The company has a current ratio of 1.21, a quick ratio of 0.85 and a debt-to-equity ratio of 0.28. Magna International has a 1-year low of $42.51 and a 1-year high of $57.09. The stock’s 50 day moving average is $54.65 and its two-hundred day moving average is $52.12.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, November 8th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.38 by $0.03. The business had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $9.32 billion. Magna International had a return on equity of 17.59% and a net margin of 4.43%. Magna International’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 EPS. On average, analysts predict that Magna International will post 5.96 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Usca Ria LLC bought a new position in shares of Magna International during the third quarter worth approximately $34,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Magna International during the 2nd quarter worth approximately $43,000. Riverhead Capital Management LLC boosted its position in shares of Magna International by 25.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,126 shares of the company’s stock worth $54,000 after acquiring an additional 226 shares in the last quarter. Assetmark Inc. boosted its position in shares of Magna International by 64.7% during the 2nd quarter. Assetmark Inc. now owns 2,856 shares of the company’s stock worth $142,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Tyers Asset Management LLC boosted its position in shares of Magna International by 232.5% during the 2nd quarter. Tyers Asset Management LLC now owns 4,096 shares of the company’s stock worth $201,000 after acquiring an additional 2,864 shares in the last quarter. 56.56% of the stock is currently owned by institutional investors.

About Magna International

Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia Pacific, and internationally. The Body Exteriors & Structures segment provides body structures; chassis structures, such as frame and structural assemblies, chassis subframes, and suspension systems; exterior systems and modules, including hoods, roofs, door panels, front end modules, liftgate modules, polycarbonate roof panels, liftgate sensor integration systems, and fascia; trim and automotive jewelry comprises engineered glass, trim and roof racks, and running boards; non-visible and visible active grille shutters, active air deflectors, and underbody panels; and fuel systems, pipes and components, and alternative energy storage systems.

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Analyst Recommendations for Magna International (NYSE:MGA)

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