Magna International (NYSE:MGA) Rating Increased to Outperform at Royal Bank of Canada

Magna International (NYSE:MGA) (TSE:MG) was upgraded by research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Friday, Marketbeat reports. The brokerage presently has a $52.00 price objective on the stock, up from their prior price objective of $41.00. Royal Bank of Canada’s price objective would suggest a potential upside of 29.44% from the company’s current price.

A number of other research analysts also recently issued reports on MGA. The Goldman Sachs Group downgraded Magna International from a “neutral” rating to a “sell” rating and reduced their price target for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. CIBC upped their target price on Magna International from $46.00 to $51.00 in a report on Monday, January 13th. Wolfe Research upgraded shares of Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. Scotiabank boosted their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.53.

Magna International Trading Up 0.4 %

NYSE MGA opened at $40.17 on Friday. The firm has a market cap of $11.36 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 0.63 and a beta of 1.62. Magna International has a 1-year low of $38.01 and a 1-year high of $59.37. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $42.90 and a 200-day moving average of $42.20.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings results on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The firm had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. Magna International had a net margin of 2.52% and a return on equity of 11.88%. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 earnings per share. As a group, sell-side analysts forecast that Magna International will post 5.22 EPS for the current year.

Hedge Funds Weigh In On Magna International

A number of hedge funds have recently added to or reduced their stakes in the company. Avior Wealth Management LLC boosted its stake in Magna International by 2,400.0% during the 4th quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock valued at $26,000 after purchasing an additional 600 shares during the last quarter. Kennebec Savings Bank bought a new position in shares of Magna International during the third quarter valued at $32,000. Grove Bank & Trust increased its holdings in Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after buying an additional 343 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after buying an additional 513 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in Magna International by 37.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after buying an additional 301 shares during the last quarter. 67.49% of the stock is currently owned by hedge funds and other institutional investors.

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.