Magna International (NYSE:MGA) Downgraded to “Equal Weight” at Morgan Stanley

Magna International (NYSE:MGA) (TSE:MG) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $43.00 price objective on the stock, down from their previous price objective of $55.00. Morgan Stanley’s price target would indicate a potential upside of 0.51% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Evercore decreased their target price on shares of Magna International from $60.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. decreased their price objective on Magna International from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Evercore ISI lowered their price objective on Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, July 15th. TD Securities cut their target price on Magna International from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Bank of America lowered their price target on Magna International from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.41.

Magna International Trading Up 1.4 %

Shares of MGA stock opened at $42.78 on Wednesday. The stock’s 50-day moving average price is $41.45 and its 200-day moving average price is $45.30. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The stock has a market capitalization of $12.29 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 0.65 and a beta of 1.59. The company has a current ratio of 1.12, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.

Magna International (NYSE:MGA) (TSE:MG) last released its quarterly earnings data on Friday, August 2nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). Magna International had a return on equity of 12.53% and a net margin of 2.29%. The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the previous year, the firm earned $1.50 EPS. The business’s revenue was down .2% compared to the same quarter last year. Equities research analysts predict that Magna International will post 5.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Magna International

Several institutional investors have recently made changes to their positions in the company. JARISLOWSKY FRASER Ltd grew its holdings in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after acquiring an additional 395,745 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Magna International by 35.5% in the 1st 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. Quantbot Technologies LP boosted its stake in shares of Magna International by 616.1% during the second quarter. Quantbot Technologies LP now owns 132,688 shares of the company’s stock valued at $5,560,000 after purchasing an additional 114,160 shares in the last quarter. Millennium Management LLC increased its holdings in Magna International by 135.5% during the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock valued at $6,818,000 after buying an additional 93,637 shares during the period. Finally, Azimuth Capital Investment Management LLC raised its stake in Magna International by 39.4% in the fourth 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 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.