Magna International Inc. (MGA) Shares Down 4.4%
Magna International Inc. (NYSE:MGA)’s share price traded down 4.4% on Thursday . The stock traded as low as $37.41 and last traded at $37.70, with a volume of 2,180,565 shares changing hands. The stock had previously closed at $39.42.
Several equities analysts have recently weighed in on the stock. BMO Capital Markets lowered shares of Magna International from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $50.00 to $36.00 in a report on Tuesday, June 28th. Wells Fargo & Co. reiterated a “hold” rating and set a $41.50 price objective on shares of Magna International in a report on Monday, July 18th. TheStreet upgraded shares of Magna International from a “hold” rating to a “buy” rating in a report on Tuesday, April 5th. Citigroup Inc. reiterated a “buy” rating on shares of Magna International in a report on Friday, April 1st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $76.00 price objective (up previously from $73.00) on shares of Magna International in a report on Saturday, May 7th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $54.11.
The stock has a 50 day moving average price of $37.41 and a 200 day moving average price of $38.62. The stock has a market capitalization of $15.30 billion and a price-to-earnings ratio of 7.75.
Magna International (NYSE:MGA) last posted its earnings results on Thursday, May 5th. The company reported $1.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The company earned $8.90 billion during the quarter, compared to analysts’ expectations of $8.64 billion. During the same period in the prior year, the business posted $1.12 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, analysts predict that Magna International Inc. will post $5.10 earnings per share for the current fiscal year.
Other large investors recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its stake in 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 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. Airain ltd bought a new stake in Magna International during the fourth quarter valued at approximately $6,076,000. Finally, Comerica Bank boosted its stake in 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.