CIBC Lowers Magna International (NYSE:MGA) Price Target to $36.50

Magna International (NYSE:MGA) (TSE:MG) had its price target reduced by investment analysts at CIBC from $44.00 to $36.50 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. CIBC’s target price points to a potential downside of 2.39% from the company’s previous close.

MGA has been the topic of a number of other reports. The Goldman Sachs Group downgraded shares of Magna International from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $42.00 to $41.00 in a research note on Wednesday, December 11th. Scotiabank dropped their price objective on shares of Magna International from $49.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 18th. Wells Fargo & Company dropped their price objective on shares of Magna International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, December 16th. Bank of America downgraded shares of Magna International from a “buy” rating to a “neutral” rating and lowered their target price for the company from $52.00 to $48.00 in a research note on Tuesday. Finally, Royal Bank of Canada lowered their target price on shares of Magna International from $52.00 to $51.00 and set an “outperform” rating for the company in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $47.03.

Magna International Price Performance

Shares of MGA stock opened at $37.39 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 0.77. The company has a market capitalization of $10.55 billion, a P/E ratio of 10.65, a P/E/G ratio of 0.63 and a beta of 1.65. The company’s 50-day simple moving average is $39.55 and its two-hundred day simple moving average is $41.42. Magna International has a one year low of $33.30 and a one year high of $56.12.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. 1620 Investment Advisors Inc. raised its holdings in shares of Magna International by 3.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 7,856 shares of the company’s stock worth $328,000 after purchasing an additional 276 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Magna International by 37.2% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,111 shares of the company’s stock worth $46,000 after purchasing an additional 301 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Magna International by 43.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $43,000 after purchasing an additional 312 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Magna International by 2,400.0% during the fourth quarter. Avior Wealth Management LLC now owns 625 shares of the company’s stock worth $26,000 after purchasing an additional 600 shares during the last quarter. Finally, LRI Investments LLC raised its holdings in shares of Magna International by 2,126.5% during the fourth quarter. LRI Investments LLC now owns 757 shares of the company’s stock worth $32,000 after purchasing an additional 723 shares during 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.