Magna International (NYSE:MGA – Get 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
Magna International (NYSE:MGA – Get 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
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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