StockNews.com Lowers Magna International (NYSE:MGA) to Hold

Magna International (NYSE:MGA) (TSE:MG) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other research firms also recently commented on MGA. UBS Group boosted their target price on shares of Magna International from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, January 17th. Wells Fargo & Company reduced their price objective on shares of Magna International from $52.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Monday. Barclays decreased their price objective on Magna International from $62.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday. JPMorgan Chase & Co. lifted their target price on Magna International from $69.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Finally, National Bankshares decreased their price target on Magna International from $60.00 to $57.00 and set a “market perform” rating for the company in a research note on Monday. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.00.

Magna International Price Performance

Shares of NYSE:MGA opened at $46.40 on Friday. Magna International has a one year low of $45.75 and a one year high of $65.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.06 and a quick ratio of 0.71. The company has a market cap of $13.33 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 0.47 and a beta of 1.69. The firm has a 50 day simple moving average of $51.38 and a 200 day simple moving average of $53.79.

Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.97 billion. During the same quarter in the previous year, the company posted $1.11 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. Research analysts predict that Magna International will post 6.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magna International

A number of hedge funds have recently added to or reduced their stakes in the company. Lorne Steinberg Wealth Management Inc. grew its position in Magna International by 3.9% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 71,358 shares of the company’s stock valued at $4,217,000 after purchasing an additional 2,646 shares during the period. Natixis Advisors L.P. increased its position in shares of Magna International by 243.3% during the third quarter. Natixis Advisors L.P. now owns 50,803 shares of the company’s stock worth $2,724,000 after acquiring an additional 36,005 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Magna International by 8.7% in the 3rd quarter. Toronto Dominion Bank now owns 1,966,610 shares of the company’s stock worth $105,430,000 after acquiring an additional 157,808 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Magna International by 0.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 950,693 shares of the company’s stock valued at $56,325,000 after acquiring an additional 2,727 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new position in Magna International during the 4th quarter valued at about $237,000. 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.