Royal Bank of Canada Has Lowered Expectations for Magna International (NYSE:MGA) Stock Price

Magna International (NYSE:MGA) (TSE:MG) had its target price lowered by investment analysts at Royal Bank of Canada from $47.00 to $42.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 1.67% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Magna International from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $55.00 to $43.00 in a research note on Wednesday, September 25th. Raymond James decreased their price objective on Magna International from $57.00 to $53.00 and set a “market perform” rating on the stock in a report on Tuesday, August 6th. CIBC reduced their price target on Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Bank of America reduced their price target on Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Finally, Evercore ISI cut their price objective on Magna International from $60.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.65.

Magna International Price Performance

Shares of NYSE:MGA opened at $41.31 on Tuesday. The company has a market cap of $11.87 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 0.67 and a beta of 1.59. Magna International has a twelve month low of $38.01 and a twelve month high of $60.32. The company’s 50 day moving average is $41.39 and its 200 day moving average is $43.27. 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 issued its quarterly earnings data on Friday, August 2nd. The company reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.11). The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $11.01 billion. Magna International had a return on equity of 12.53% and a net margin of 2.29%. Magna International’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.50 EPS. On average, sell-side analysts forecast that Magna International will post 5.4 EPS for the current year.

Institutional Investors Weigh In On Magna International

Hedge funds have recently modified their holdings of the stock. LRI Investments LLC purchased a new stake in shares of Magna International during the 1st quarter valued at about $36,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Magna International during the 2nd quarter worth approximately $28,000. Grove Bank & Trust increased its holdings in Magna International by 70.4% during the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock worth $34,000 after purchasing an additional 343 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in Magna International by 84.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock worth $46,000 after purchasing an additional 513 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Magna International by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $72,000 after purchasing an additional 319 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.