Magna International (NYSE:MGA) Rating Lowered to Equal Weight at Morgan Stanley

Magna International (NYSE:MGA) (TSE:MG) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $43.00 price target on the stock, down from their previous price target of $55.00. Morgan Stanley’s price target indicates a potential upside of 1.92% from the company’s current price.

Other equities analysts have also issued reports about the company. BNP Paribas raised Magna International from a “neutral” rating to an “outperform” rating in a report on Monday, July 1st. Wells Fargo & Company increased their price target on Magna International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Friday, September 20th. CIBC cut their price objective on shares of Magna International from $50.00 to $47.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Barclays decreased their target price on shares of Magna International from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Finally, Bank of America dropped their price target on shares of Magna International from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Magna International presently has a consensus rating of “Hold” and a consensus price target of $50.41.

Magna International Stock Performance

MGA stock opened at $42.19 on Wednesday. Magna International has a 1 year low of $38.01 and a 1 year high of $60.32. The stock has a market capitalization of $12.12 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.65 and a beta of 1.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 1.12. The stock’s fifty day moving average is $41.28 and its two-hundred day moving average is $45.25.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, August 2nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.11). The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $11.01 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share. On average, research analysts predict that Magna International will post 5.5 EPS for the current year.

Institutional Trading of Magna International

A number of hedge funds have recently bought and sold shares of the company. Systematic Financial Management LP increased its position in shares of Magna International by 6.0% in the second quarter. Systematic Financial Management LP now owns 41,695 shares of the company’s stock worth $1,747,000 after acquiring an additional 2,355 shares in the last quarter. Millennium Management LLC boosted its stake in Magna International by 135.5% in the 2nd quarter. Millennium Management LLC now owns 162,739 shares of the company’s stock worth $6,818,000 after purchasing an additional 93,637 shares during the period. Toronto Dominion Bank grew its position in Magna International by 1.9% during the 2nd quarter. Toronto Dominion Bank now owns 1,609,223 shares of the company’s stock worth $67,426,000 after purchasing an additional 30,361 shares in the last quarter. Boston Research & Management Inc. raised its stake in Magna International by 18.5% during the 2nd quarter. Boston Research & Management Inc. now owns 66,360 shares of the company’s stock valued at $2,780,000 after purchasing an additional 10,345 shares during the period. Finally, JARISLOWSKY FRASER Ltd raised its stake in Magna International by 5.9% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 7,148,236 shares of the company’s stock valued at $299,543,000 after purchasing an additional 395,745 shares during the period. 67.49% of the stock is owned by hedge funds and other institutional investors.

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.