Magna International Inc. (NYSE:MGA) shares gapped up prior to trading on Thursday . The stock had previously closed at $38.24, but opened at $38.30. Magna International shares last traded at $38.79, with a volume of 651,580 shares traded.

Several brokerages recently weighed in on MGA. Wells Fargo & Co. reiterated a “hold” rating and issued a $41.50 price objective on shares of Magna International in a research report on Monday. BMO Capital Markets lowered Magna International from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $50.00 to $36.00 in a research report on Tuesday, June 28th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $76.00 price objective (up from $73.00) on shares of Magna International in a research report on Saturday, May 7th. TheStreet upgraded Magna International from a “hold” rating to a “buy” rating in a research report on Tuesday, April 5th. Finally, Citigroup Inc. reiterated a “buy” rating on shares of Magna International in a research report on Friday, April 1st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $54.11.

The firm has a market cap of $15.40 billion and a P/E ratio of 7.79. The firm’s 50 day moving average price is $37.78 and its 200-day moving average price is $38.55.

Magna International (NYSE:MGA) last issued its quarterly earnings results on Thursday, May 5th. The company reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The business earned $8.90 billion during the quarter, compared to analyst estimates of $8.64 billion. The company’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. On average, equities analysts predict that Magna International Inc. will post $5.10 EPS for the current year.

A number of hedge funds and institutional investors have modified their holdings of MGA. Airain ltd acquired a new position in shares of Magna International during the fourth quarter valued at $6,076,000. BNP Paribas Arbitrage SA boosted its stake in shares of Magna International by 39.1% in the fourth quarter. BNP Paribas Arbitrage SA now owns 7,045,857 shares of the company’s stock valued at $443,379,000 after buying an additional 1,981,830 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Magna International by 369.4% in the fourth quarter. Schroder Investment Management Group now owns 1,070,220 shares of the company’s stock valued at $60,061,000 after buying an additional 842,211 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in shares of Magna International by 0.4% in the fourth quarter. Gulf International Bank UK Ltd now owns 124,404 shares of the company’s stock valued at $5,049,000 after buying an additional 550 shares in the last quarter. Finally, Comerica Bank boosted its stake in shares of Magna International by 5.1% in the fourth quarter. Comerica Bank now owns 66,240 shares of the company’s stock valued at $2,345,000 after buying an additional 3,207 shares in the last quarter.

Magna International Inc (Magna) is an automotive supplier. The Company’s segments are North America, Europe, Asia, Rest of World, and Corporate and Other. Its product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

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