The Goldman Sachs Group Downgrades Magna International (NYSE:MGA) to Sell

Magna International (NYSE:MGA) (TSE:MG) was downgraded by equities researchers at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report released on Wednesday, Marketbeat Ratings reports. They currently have a $41.00 price objective on the stock, down from their prior price objective of $42.00. The Goldman Sachs Group’s target price would suggest a potential downside of 8.71% from the company’s current price.

Several other research firms have also recently commented on MGA. Wolfe Research raised Magna International from an “underperform” rating to a “peer perform” rating in a report on Thursday, December 5th. Royal Bank of Canada cut their target price on Magna International from $42.00 to $41.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company boosted their price target on shares of Magna International from $44.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, November 4th. Scotiabank upped their price objective on shares of Magna International from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Monday, November 4th. Finally, TD Securities decreased their target price on shares of Magna International from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $49.76.

Magna International Stock Down 0.3 %

NYSE MGA opened at $44.91 on Wednesday. The business has a fifty day moving average price of $43.22 and a 200 day moving average price of $42.53. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.77 and a current ratio of 1.14. The company has a market cap of $12.90 billion, a P/E ratio of 12.01, a P/E/G ratio of 0.83 and a beta of 1.61. Magna International has a one year low of $38.01 and a one year high of $60.32.

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

Hedge Funds Weigh In On Magna International

Several institutional investors have recently bought and sold shares of the company. Grove Bank & Trust grew its holdings in shares of Magna International by 70.4% in the third quarter. Grove Bank & Trust now owns 830 shares of the company’s stock valued at $34,000 after purchasing an additional 343 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Magna International by 84.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,121 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares during the period. Sienna Gestion grew its stake in Magna International by 13.0% during the 2nd quarter. Sienna Gestion now owns 6,091 shares of the company’s stock worth $255,000 after purchasing an additional 700 shares in the last quarter. Van ECK Associates Corp increased its holdings in Magna International by 6.6% during the 3rd quarter. Van ECK Associates Corp now owns 12,290 shares of the company’s stock worth $517,000 after purchasing an additional 766 shares during the period. Finally, Kennebec Savings Bank acquired a new stake in Magna International in the 3rd quarter valued at about $32,000. 67.49% of the stock is owned by institutional investors and hedge funds.

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.