TD Securities Cuts Magna International (NYSE:MGA) Price Target to $62.00

Magna International (NYSE:MGA) (TSE:MG) had its target price reduced by equities research analysts at TD Securities from $63.00 to $62.00 in a research note issued to investors on Monday, BayStreet.CA reports. The firm currently has a “buy” rating on the stock. TD Securities’ target price would suggest a potential upside of 33.39% from the company’s previous close.

Several other analysts also recently issued reports on MGA. Scotiabank reduced their price target on shares of Magna International from $59.00 to $55.00 and set a “sector perform” rating for the company in a research report on Monday. UBS Group raised their price target on shares of Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, January 17th. Citigroup cut their price target on Magna International from $60.00 to $57.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. BMO Capital Markets lowered their price objective on Magna International from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, February 12th. Finally, Barclays lowered their price target on Magna International from $62.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.00.

Magna International Trading Down 0.5 %

Magna International stock traded down $0.22 during trading hours on Monday, hitting $46.48. The stock had a trading volume of 1,326,601 shares, compared to its average volume of 1,426,996. The business’s 50 day simple moving average is $52.00 and its 200-day simple moving average is $53.95. Magna International has a one year low of $45.99 and a one year high of $65.27. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 0.47 and a beta of 1.69. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 0.34.

Magna International (NYSE:MGA) (TSE:MG) last posted its quarterly earnings data on Friday, May 3rd. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.18). Magna International had a net margin of 2.35% and a return on equity of 12.97%. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.97 billion. During the same quarter in the previous year, the company earned $1.11 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities analysts predict that Magna International will post 6.13 EPS for the current fiscal year.

Institutional Trading of Magna International

Institutional investors and hedge funds have recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Magna International by 18.5% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 947,966 shares of the company’s stock valued at $50,921,000 after purchasing an additional 147,950 shares during the period. Strengthening Families & Communities LLC increased its holdings in Magna International by 9.2% during the third quarter. Strengthening Families & Communities LLC now owns 35,603 shares of the company’s stock valued at $1,909,000 after buying an additional 2,997 shares during the last quarter. Lorne Steinberg Wealth Management Inc. raised its position in Magna International by 2.2% in the third quarter. Lorne Steinberg Wealth Management Inc. now owns 68,712 shares of the company’s stock worth $3,699,000 after acquiring an additional 1,449 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Magna International by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 144,583 shares of the company’s stock worth $7,751,000 after acquiring an additional 1,737 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Magna International by 9.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,576 shares of the company’s stock valued at $192,000 after acquiring an additional 312 shares during the period. Institutional investors own 67.49% of the company’s stock.

About Magna International

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.