Magna International Inc. (MGA) Shares Gap Up to $38.30
Shares of Magna International Inc. (NYSE:MGA) gapped up before the market opened 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.
Several analysts recently issued reports on the stock. Wells Fargo & Co. reaffirmed a “hold” rating and set a $41.50 price objective on shares of Magna International in a report on Monday, July 18th. BMO Capital Markets downgraded shares of Magna International from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $50.00 to $36.00 in a report on Tuesday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $76.00 price objective (up from $73.00) on shares of Magna International in a report on Saturday, May 7th. TheStreet raised shares of Magna International from a “hold” rating to a “buy” rating in a report on Tuesday, April 5th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Magna International in a report on Friday, April 1st. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Magna International presently has a consensus rating of “Buy” and a consensus price target of $54.11.
The stock has a market capitalization of $15.43 billion and a price-to-earnings ratio of 7.81. The stock has a 50 day moving average price of $37.74 and a 200 day moving average price of $38.54.
Magna International (NYSE:MGA) last issued its earnings results on Thursday, May 5th. The company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.03. During the same quarter in the previous year, the firm posted $1.12 earnings per share. The firm had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.64 billion. Magna International’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities analysts expect that Magna International Inc. will post $5.10 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of MGA. Comerica Bank increased its position in shares of Magna International by 5.1% in the fourth quarter. Comerica Bank now owns 66,240 shares of the company’s stock worth $2,345,000 after buying an additional 3,207 shares during the last quarter. Gulf International Bank UK Ltd increased its position 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 worth $5,049,000 after buying an additional 550 shares during the last quarter. Airain ltd purchased a new position in shares of Magna International during the fourth quarter worth $6,076,000. Schroder Investment Management Group increased its position 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 worth $60,061,000 after buying an additional 842,211 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position 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 worth $443,379,000 after buying an additional 1,981,830 shares during 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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