CIBC Forecasts Strong Price Appreciation for Magna International (NYSE:MGA) Stock

Magna International (NYSE:MGAGet Free Report) (TSE:MG) had its price target raised by equities researchers at CIBC from $46.00 to $51.00 in a research note issued on Monday,BayStreet.CA reports. CIBC’s target price indicates a potential upside of 26.02% from the company’s previous close.

Several other equities analysts have also recently commented on MGA. StockNews.com raised shares of Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. The Goldman Sachs Group cut shares of Magna International from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $42.00 to $41.00 in a report on Wednesday, December 11th. Wolfe Research upgraded Magna International from an “underperform” rating to a “peer perform” rating in a research report on Thursday, December 5th. Morgan Stanley lowered Magna International from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $55.00 to $43.00 in a research note on Wednesday, September 25th. Finally, Scotiabank boosted their price objective on Magna International from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.88.

View Our Latest Stock Analysis on MGA

Magna International Stock Performance

MGA opened at $40.47 on Monday. The company has a current ratio of 1.14, a quick ratio of 0.77 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $43.27 and its 200-day moving average is $42.27. The stock has a market cap of $11.45 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 0.81 and a beta of 1.62. Magna International has a twelve month low of $38.01 and a twelve month high of $59.37.

Magna International (NYSE:MGAGet Free Report) (TSE:MG) last announced its earnings results on Friday, November 1st. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.20). Magna International had a net margin of 2.52% and a return on equity of 11.88%. The business had revenue of $10.28 billion for the quarter, compared to the consensus estimate of $10.34 billion. During the same period in the previous year, the firm earned $1.46 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. On average, analysts predict that Magna International will post 5.22 earnings per share for the current year.

Institutional Trading of Magna International

A number of hedge funds have recently modified their holdings of MGA. Kennebec Savings Bank acquired a new position in Magna International during the third quarter valued at $32,000. Grove Bank & Trust increased its holdings in shares of Magna International by 70.4% in the 3rd quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after purchasing an additional 343 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in shares of Magna International by 84.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Magna International by 37.2% in 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 in the last quarter. Finally, Tobam boosted its stake in shares of Magna International by 94.3% during the 3rd quarter. Tobam now owns 4,373 shares of the company’s stock valued at $179,000 after buying an additional 2,122 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

Magna International Company Profile

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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.

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Analyst Recommendations for Magna International (NYSE:MGA)

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