Scotiabank Cuts Magna International (NYSE:MGA) Price Target to $55.00

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by investment analysts at Scotiabank from $59.00 to $55.00 in a report released on Monday, BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 18.33% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Magna International from $52.00 to $49.00 and set an “equal weight” rating on the stock in a report on Monday. TD Securities cut their target price on shares of Magna International from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets decreased their target price on Magna International from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Monday, February 12th. Evercore downgraded shares of Magna International from an “outperform” rating to an “in-line” rating and dropped their target price for the stock from $75.00 to $62.00 in a research note on Monday, April 15th. Finally, Barclays decreased their price target on shares of Magna International from $62.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.00.

Magna International Stock Performance

MGA traded down $0.22 during trading on Monday, reaching $46.48. 1,326,601 shares of the company’s stock were exchanged, compared to its average volume of 1,426,996. Magna International has a fifty-two week low of $45.99 and a fifty-two week high of $65.27. The company has a market capitalization of $13.35 billion, a P/E ratio of 13.17, a PEG ratio of 0.47 and a beta of 1.69. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $52.00 and a 200 day moving average price of $53.95.

Magna International (NYSE:MGA) (TSE:MG) last posted its earnings results on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. Magna International had a net margin of 2.35% and a return on equity of 12.97%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.11 EPS. As a group, analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of institutional investors have recently added to or reduced their stakes in MGA. Lorne Steinberg Wealth Management Inc. lifted its stake in Magna International by 3.9% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after acquiring an additional 2,646 shares during the last quarter. Natixis Advisors L.P. grew its holdings in Magna International by 243.3% during the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after purchasing an additional 36,005 shares during the period. Toronto Dominion Bank increased its position in Magna International by 8.7% during the third quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after buying an additional 157,808 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of 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 acquiring an additional 2,727 shares during the period. Finally, Prime Capital Investment Advisors LLC bought a new position in Magna International during the fourth quarter worth $237,000. 67.49% of the stock is currently owned by institutional investors and hedge funds.

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.