Magna International (NYSE:MGA) Downgraded by Royal Bank of Canada to “Sector Perform”

Magna International (NYSE:MGA) (TSE:MG) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $32.00 target price on the stock, down from their previous target price of $51.00. Royal Bank of Canada’s target price points to a potential downside of 0.65% from the company’s previous close.

Several other research analysts also recently commented on MGA. The Goldman Sachs Group lowered their price objective on shares of Magna International from $38.00 to $31.00 and set a “sell” rating for the company in a research report on Thursday. Bank of America downgraded Magna International from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $52.00 to $48.00 in a research report on Tuesday, March 4th. Evercore ISI decreased their target price on Magna International from $50.00 to $45.00 and set an “in-line” rating on the stock in a research report on Tuesday, February 18th. TD Securities dropped their target price on shares of Magna International from $50.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Finally, Raymond James lowered their price objective on shares of Magna International from $53.00 to $50.00 and set a “market perform” rating for the company in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $44.91.

Magna International Stock Performance

NYSE:MGA opened at $32.21 on Friday. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 0.63 and a beta of 1.56. Magna International has a fifty-two week low of $30.39 and a fifty-two week high of $50.75. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 1.08. The stock has a fifty day moving average price of $36.25 and a 200-day moving average price of $40.19.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, February 14th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.23. Magna International had a net margin of 2.36% and a return on equity of 12.78%. The business had revenue of $10.63 billion during the quarter, compared to analysts’ expectations of $10.32 billion. During the same quarter in the prior year, the business posted $1.33 earnings per share. Magna International’s revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Magna International will post 5.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several hedge funds and other institutional investors have recently bought and sold shares of MGA. Versant Capital Management Inc bought a new position in shares of Magna International in the 1st quarter worth about $27,000. Public Employees Retirement System of Ohio increased its holdings in Magna International by 99.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 50,462 shares of the company’s stock worth $2,108,000 after purchasing an additional 25,142 shares in the last quarter. Systematic Financial Management LP increased its holdings in Magna International by 19.9% in the fourth quarter. Systematic Financial Management LP now owns 48,845 shares of the company’s stock worth $2,041,000 after purchasing an additional 8,100 shares in the last quarter. LRI Investments LLC boosted its holdings in shares of Magna International by 2,126.5% during the 4th quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after buying an additional 723 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Magna International by 9.0% during the 4th quarter. Ameriprise Financial Inc. now owns 48,106 shares of the company’s stock worth $2,010,000 after buying an additional 3,956 shares during the period. Institutional investors and hedge funds 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.