Magna International (NYSE:MGA) Price Target Cut to $41.00

Magna International (NYSE:MGA) (TSE:MG) had its price objective cut by equities research analysts at The Goldman Sachs Group from $44.00 to $41.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 0.54% from the stock’s current price.

A number of other research firms have also weighed in on MGA. BNP Paribas upgraded shares of Magna International from a “neutral” rating to an “outperform” rating in a report on Monday, July 1st. TD Securities dropped their target price on shares of Magna International from $53.00 to $52.00 and set a “buy” rating for the company in a report on Monday. Barclays dropped their target price on shares of Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. CIBC dropped their target price on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Finally, Evercore decreased their price target on shares of 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. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.94.

Magna International Trading Down 0.6 %

NYSE MGA traded down $0.26 during trading on Tuesday, hitting $40.78. 569,395 shares of the company’s stock traded hands, compared to its average volume of 1,613,584. The stock has a fifty day moving average of $41.19 and a two-hundred day moving average of $44.97. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.12 and a quick ratio of 0.77. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The firm has a market cap of $11.72 billion, a P/E ratio of 11.59, a PEG ratio of 0.65 and a beta of 1.59.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly 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). Magna International had a net margin of 2.29% and a return on equity of 12.53%. The business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $11.01 billion. During the same quarter in the previous year, the company earned $1.50 earnings per share. The business’s quarterly revenue was down .2% on a year-over-year basis. As a group, sell-side analysts expect that Magna International will post 5.5 EPS for the current year.

Institutional Investors Weigh In On Magna International

Several institutional investors and hedge funds have recently made changes to their positions in the company. Systematic Financial Management LP increased its position in shares of Magna International by 6.0% during the second quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock valued at $1,747,000 after acquiring an additional 2,355 shares in the last quarter. Millennium Management LLC boosted its holdings in Magna International by 135.5% in the second quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Magna International by 1.9% in the second quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares during the last quarter. Boston Research & Management Inc. boosted its holdings in Magna International by 18.5% in the second quarter. Boston Research & Management Inc. now owns 66,360 shares of the company’s stock worth $2,780,000 after purchasing an additional 10,345 shares during the last quarter. Finally, JARISLOWSKY FRASER Ltd boosted its holdings in Magna International by 5.9% in the second quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock worth $299,543,000 after purchasing an additional 395,745 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

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.