Magna International (NYSE:MGA) Price Target Cut to $59.00 by Analysts at CIBC

Magna International (NYSE:MGA) (TSE:MG) had its price target reduced by research analysts at CIBC from $61.00 to $59.00 in a report released on Friday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s price objective points to a potential upside of 22.89% from the company’s previous close.

MGA has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price target on shares of Magna International from $77.00 to $69.00 and set an “overweight” rating on the stock in a research note on Monday, February 12th. Citigroup lowered their price target on Magna International from $60.00 to $57.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. UBS Group increased their price objective on Magna International from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. The Goldman Sachs Group cut shares of Magna International from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $73.00 to $58.00 in a research note on Wednesday, January 3rd. Finally, Scotiabank dropped their target price on shares of Magna International from $62.00 to $59.00 and set a “sector perform” rating for the company in a report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.79.

Magna International Price Performance

Shares of Magna International stock traded up $0.16 on Friday, reaching $48.01. The company’s stock had a trading volume of 853,632 shares, compared to its average volume of 1,296,968. Magna International has a 52-week low of $46.71 and a 52-week high of $65.27. The company has a market capitalization of $13.79 billion, a P/E ratio of 11.40, a PEG ratio of 0.48 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. The stock has a 50-day moving average price of $53.35 and a 200-day moving average price of $54.27.

Magna International (NYSE:MGA) (TSE:MG) last issued its quarterly earnings results on Friday, February 9th. The company reported $1.33 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.13). The company had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.44 billion. Magna International had a return on equity of 13.15% and a net margin of 2.83%. Magna International’s revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Analysts expect that Magna International will post 6.11 EPS for the current year.

Institutional Trading of Magna International

Several institutional investors have recently made changes to their positions in MGA. Rhumbline Advisers increased its stake in Magna International by 5.0% during the third quarter. Rhumbline Advisers now owns 4,773 shares of the company’s stock worth $256,000 after acquiring an additional 226 shares during the last quarter. S.A. Mason LLC grew its holdings in shares of Magna International by 24.4% during the 4th quarter. S.A. Mason LLC now owns 1,166 shares of the company’s stock worth $69,000 after purchasing an additional 229 shares during the period. Van ECK Associates Corp increased 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 worth $192,000 after purchasing an additional 312 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in Magna International by 2,179.2% in the 1st quarter. Sunbelt Securities Inc. now owns 547 shares of the company’s stock valued at $30,000 after buying an additional 523 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its position in Magna International by 332.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 684 shares of the company’s stock valued at $40,000 after buying an additional 526 shares during the last quarter. Hedge funds and other 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.