Wolfe Research Upgrades Magna International (NYSE:MGA) to Peer Perform

Magna International (NYSE:MGA) (TSE:MG) was upgraded by equities research analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a note issued to investors on Thursday, Marketbeat reports.

Several other research analysts have also recently commented on the company. Royal Bank of Canada cut their price target on Magna International from $42.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Monday, November 4th. Wells Fargo & Company boosted their price target on Magna International from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 4th. StockNews.com upgraded Magna International from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. TD Securities cut their price target on Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, The Goldman Sachs Group cut their price target on Magna International from $44.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Fourteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $49.76.

Magna International Trading Down 1.1 %

Shares of MGA opened at $45.29 on Thursday. The stock’s 50-day moving average is $42.86 and its two-hundred day moving average is $42.54. The stock has a market cap of $13.01 billion, a PE ratio of 12.11, a P/E/G ratio of 0.84 and a beta of 1.61. Magna International has a 12 month low of $38.01 and a 12 month high of $60.32. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.77.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings data on Friday, November 1st. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.20). The company had revenue of $10.28 billion for the quarter, compared to analyst estimates of $10.34 billion. Magna International had a return on equity of 11.88% and a net margin of 2.52%. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. Equities analysts forecast that Magna International will post 5.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magna International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGA. Toronto Dominion Bank boosted its stake in shares of Magna International by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 1,627,927 shares of the company’s stock worth $66,810,000 after acquiring an additional 18,704 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Magna International by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,151,759 shares of the company’s stock worth $46,799,000 after acquiring an additional 32,000 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Magna International during the 3rd quarter worth $1,040,000. ARGA Investment Management LP bought a new stake in shares of Magna International during the 3rd quarter worth $40,710,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Magna International by 117,113.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 84,394 shares of the company’s stock worth $3,464,000 after acquiring an additional 84,322 shares in the last quarter. 67.49% of the stock is owned by institutional investors.

Magna International Company Profile

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.