Raymond James Trims Magna International (NYSE:MGA) Target Price to $53.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective dropped by research analysts at Raymond James from $57.00 to $53.00 in a research note issued on Tuesday, BayStreet.CA reports. The brokerage currently has a “market perform” rating on the stock. Raymond James’ price objective points to a potential upside of 36.49% from the company’s previous close.

Other analysts also recently issued research reports about the company. BNP Paribas upgraded Magna International from a “neutral” rating to an “outperform” rating in a research report on Monday, July 1st. Morgan Stanley reduced their target price on Magna International from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Bank of America dropped their price target on Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada dropped their price target on Magna International from $59.00 to $57.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Finally, Evercore dropped their target price on Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, July 15th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Magna International has an average rating of “Hold” and a consensus target price of $51.94.

Magna International Stock Down 0.6 %

Shares of MGA traded down $0.23 during trading hours on Tuesday, reaching $38.83. The stock had a trading volume of 1,773,846 shares, compared to its average volume of 1,615,631. Magna International has a 12 month low of $38.39 and a 12 month high of $61.85. The firm has a 50-day simple moving average of $43.40 and a 200 day simple moving average of $49.13. The company has a current ratio of 1.09, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 0.59 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last announced its earnings results on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). The business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. Magna International had a net margin of 2.35% and a return on equity of 12.96%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.50 earnings per share. Equities research analysts predict that Magna International will post 5.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magna International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its holdings in shares of Magna International by 35.5% during the first quarter. Russell Investments Group Ltd. now owns 1,102,786 shares of the company’s stock worth $60,118,000 after purchasing an additional 289,105 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Magna International by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock worth $56,325,000 after purchasing an additional 2,727 shares in the last quarter. QV Investors Inc. boosted its stake in Magna International by 1.0% in the 1st quarter. QV Investors Inc. now owns 667,151 shares of the company’s stock worth $36,378,000 after buying an additional 6,895 shares during the last quarter. Azimuth Capital Investment Management LLC boosted its stake in Magna International by 39.4% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 189,810 shares of the company’s stock worth $11,214,000 after buying an additional 53,695 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Magna International by 5.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 157,353 shares of the company’s stock valued at $8,573,000 after purchasing an additional 8,680 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

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.